CAN UN ABSORBED DEPRECIATION CAN BE SETOFF UNDER THE HEAD SALARY AND NOT.
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IS UNABSORBED DEPRRECIATION CAN BE SETOFF FROM SALARY OR NOT
Replies (21)
Not against Salary.., UNABSORBED DEPRECIATION CAN NEVER BE STEOFF AGAINST SELARY
no it can't be setoff
It is mentioned that unabsorbed depreciation can be set-off against any other income other than income chargeable under the head salries.
now my doubt is whether it can be set-off against winnings from lotteries, crossword puzzles etc..??? as these incomes are taxable irrespective of the income levels of the concerned assesse, are they elgible for giving relaxation against unabsorbed depreciation????
it is no where mentioned that they can not be used for setting off losses or even unabsorbed can not be set-off against that incomes....
so can we set-off or consider it as a laccunae?
no
|
Sr.No. |
Section
|
Types of Loss
|
Set Off against Income |
Can be carried |
|
|
In same Assessment Year |
In subsequent Assessment Year |
||||
|
1 |
71/72 |
Business or Profession(other than speculation or depreciation) |
Business Income Head or any other head (other than salaries) |
Business Income(Note 1) |
8 years |
|
2 |
32(2) |
Unabsorbed Depreciation |
Business Income or any other head |
Business Income or any other head |
Indefinitely |
unabsorbed depn. cannot be setoff against salary......
no business loss can be set off against income under the head whether unabsorbed dep or any other loss under the hear business or profession
NO
Unabsorbed depreciation should be first set off against business income and then with any other head (Except salaries)
it cant be set off against salary
All those who are supporting that Unaborbed Depreciation cannot be setoff against Salary, Can please Justify with some provision, case law, etc because i couldn't find it anywhere..
Answer to Trinath query is Unabsorbed dereciation cannot be set off against Winning from lottery, etc (Specific Provision of taxability of Winning from lotteries, etc will prevail over the general provision of setting off of Unabsorbed Depreciation)
No, unabsorbed depreciation cannot be set off against salary Income.
it can be sett off
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