Sir,
Ours is a partnership firm , which is having carry forward loss of Rs 1.50 cr , but due to several incometax assesments this figure after recomputation has come down to 84 lakhs, I want to know whether this can be sett off against depreciation loss of nearly 84lakhs which is from FY 2003-04 to 2010-11 FY. Can depreciation loss be sett off against carryover business loss after 8 years. I want to know what is the rule for the same. ???
Hi,
As per Income tax act Depriciation can be sett off against any income and there is no time limit for sett off of depriciation in next year but buisness loss can be setoff up to 8 years only.
After Recomputation from 84acs You can set off dep up to unlimited years and balance buisness losses can be sett off only up to 8 years.
Regards
Puneet Mittal
Anupam Parashar & Co.
Ghaziabad
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