Carry forword of unabsorbed depriciation if not claimed

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In one of our client there was bussiness loss in A.Y 2008-09 which has not been fully set off against other bussines income, balance amount we forget to carry forword as bussines loss & as unabsorbed depriciation included there in. Can we set off that loss or unabsorbed depriciation in the A.Y. 2010-11?

Replies (9)

 

you can not carry forward unabsorbed depreciation if not claimed in ITR.

What do you mean by "forget to carry forward"?? You claim complete depreciation??

that is un absourbed depreciation. so u can carry forward  up to  fully set off.......

u can't carry forward if not claimed in ITR

can't be set off and carry forward now..........

You can carry forward unabsorbed depriciation and loss from loss from house property even if  return of income is filed belately or not filed in a year as per my knowledge ... Business loss and capital gain loss can be carry forward only if return of income is filed on due date 

Unabsorbed Depreciation can be carried forward till it is w/off. Their is no need to file the return in time for carrying forward Unabsorbed Depreciation.Business loss can be carried frwd for 8 years and can be written off against business loss.But to carry Business loss the return should be timely filed.Morever for claming both the carried forward loss it should be claimed in the year of their occurence.

AS PER SECTION 32 (2) OF THE I.T ACT 1961 UNABSORBED DEPRECIATION IS THAT PART OF DEPRECIATION WHICH IS IN EXCESS OF THE PROFIT OF THE COMPANY I.E A COMPANY CAN CHARGE DEPRECIATION UPTO THE AMOUNT OF PROFIT.THE TREATMENT OF UNABSORBED DEP. IS THAT IT CAN BE SET OFF AGAINST ANY HEAD EXCEPT SALARY HEAD ( THAT IS ONLY POSSIBLE IF AN ASSESSE IS AN INDIVISUAL AND CARRIES BUSINESS IN ADDITION TO HIS CONTRACT OF SERVICE) AND CAN BE CARRIED ON FOR THE PERIOD TILL IT IS FULLY W/O .WITH REGARDS TO YOUR B/F LOSSES IT CAN ONLY BE CLAIMED IF AND ONLY IF RETURN OF INCOME IS FILED AND IT CAN BE CARRIED FORWARD TILL 4 YEARS STARTING FROM THE A.Y IT WHICH IT WAS INCURRED AND SAME WAS FILED.

As per the provision,If the return is filed on time & the loss is claimed therein only then u can set-off that business loss in upcomming year.

If u forget to claim that , u can calim that only by fililing rvised return i.e. within one year  4m end of the relevent A.Y .

In ur case that period has also expire so u can't  claim the business loss

 

But as far as unabsorbed dep is concern u can claim that .


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