Sec 139(1)

one my client has business income of Rs. 1,45,000 and agricultural income Rs. 80,000 during the f.y 08-09.The assessee has carry forward unabsorbed depreciation of loss of Rs.1,00,000. Basic exemption is Rs. 1,50,000 whether my client has to file return for the a.y 09-10?

Replies (8)

In this case carry forward unabsorbed depriciation will be available only when he file the return under sec 139(1)

if he not file return for A.y. 2009-10 then Penalty of Rs.5000/- for  relavent A.Y. under sec.271F

i agree with above

Your client need not file the income tax return, as it is not obligatory u/s 139(1)

Agricultural income is exempt u/s 10(1) and will not be considered as non-agricultural income has not exceeded the basic exemption limit.

moreover, your client will be allowed to carry forward the unabsorbed depreciation u/s 32(2). As because section 139(3) and section 80 do not make any reference to section 32(2).

Agree with CA B.K Jah Regd Lovenish Bansal

 yup agree wit above two sec 80 applies only for carry forward U/S 72 73 74 74A...even if return is nt filed loss frm house prop U/S 71B and unabsorbed dep U/S 32(2) can still be carried forwad

Your client does not come under the tax liability as the Biz income is only 145000/-. moreover unabsorbed dep. is allowed to carry forward and set off only when return is filed but need not be filed within time. I think sec 80 talks about filing of loss retun within time. Unabsorbed depn. & HP loss can be carried forward even return is not filed within time.

true

above answers are correct but note the following important point:

You can not carry forward the unabsorbed Depreciation to the next year. you have to set off it from the income of current year because you have income in the current year against which you can adjust it.

 

 

in other words  you need not to file a return this time.

But you can not carry forward the unabsorbed depreciation to next year. because you have income in current year.

and you have to adjust it in current year only.

 

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