FINAL ANSWER

I would also like to say :

 

"Divergent views exist on the set off of depreciation against salary income."
 

Pleasse, all of u who had query for this.., i hope has resolved it now...

 

And anyone, who still has doubts in mind or some other view, please express..

ya i had.

it is clearly mentioned that unabsorbed depreciation can be set-off against any other incomes (not being income chargeable under the head salaries),

it is clearly mentioned......

Originally posted by :D н ! я σ √
"	I would also like to say : "Divergent views exist on the set off of depreciation against salary income."	"

 

dhiraj still now u are satisfied that it cannot be set-off against salary na.

y u went out of the fence???

Hi, it was not about u trinath....

 

few other members.... to clarify.., i'd discussion wid dem in PM.... So, finally posted

Originally posted by :D н ! я σ √
"	I would also like to say : "Divergent views exist on the set off of depreciation against salary income."	"

u go to the oder post, the person who claimed t it can be set-off against salary income till the end also now says tat it can not be set-off against salary income

so what do u say now

whether it can be set-off against salary income or not?

am sure that it cant!!1

section 71(2A) : loss from business or profession [including unabsorbed dep. (section 71 and not section 32(2)) is applicable in the case of inter-head adjustment of lossess)] can not be sett off against income under the head salaries. carried forward of unabsorbed depreciation is governed by section 32(2) and not by section 72. secton 32(2) : 1. depreciation allowances is first deductible from income under the head PGBP. 2. if above is not fully deductible than it is deductible from income chargeable under other heads of income (except salaries) for the same assessment year 3. still unabsorbed than it can be carried forward to the subsequent years and in the subsequent years it can be sett off against any income (except salaries)

But trinath, it is written in blue lines, see urself.. that :

 

 

LAW PREVENTS TO SET OFF BUSINESS LOSS AGAINST SALARY, BUT IT DOES NOT PREVENT SET OFF DEPRECIATION AGAINST SALARY.................... [SECTION 71(2A)].

which book did u refer?

I'm still not clarified...

 

As i, myself believe that UNABSORBED DEPRECIATION cannot be set off against SALARY, and have posted in various forms... But this above explaination has confused me....

If depreciation is still unabsorbed, it can be carried forward to the subsequent a.y. No time limit is fixed for the purpose of carrying forward of unabsorbed depreciation: it can be carried forward for indefinite period.In the subsequent years, ud can be set-off against any income whether chargeable under the head " profits and gains of b r p" or any other head (NOT BEING INCOME CHARGEABLE UNDER THE HEAD SALARIES);

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;DIRECT TAXES READY RECKONER by Dr.Vinod K. Singhania

Nywz.. leaving now... will discuss it tomorrow.........

 

And trinath, i reffered some site at that time.........

 

Nywz. bye

 

ya ok dhiraj.