Celebrate Freedom with 20% OFF on CAclubindia Pro Subscription. Use Code: FREEDOM20

Unabsorbed depreciation in itr 5

ITR 1091 views 2 replies

Hardeep Singh

CHARTERED ACCOUNTANT

205 Points Joined September 2010

Hi..My query is - Loss from busiess after dep is 550000 and eligible dep is 190000. While filing ITR 5 how to disclose the carry forward of unabsorbed depreciation? Whether the same is to be shown as Business Loss under Schedule CFL. Please help.

Second query is Do we need to give ITC balances of GST credit in Part A - OI. If yes, is there any impact on taxability or its just for informatiom purpose. The accounts are audited u/s 44AB

Replies (2)

CA Rakesh Joshi

Chartered Accountant

1272 Points Joined May 2015

Apart from CFL sheet there is Unabsorbed depreciation sheet.. If due to current year loss the depreciation could not be absorbed then I think just disclose such portion in Unabsorbed depreciation sheet.

In ITR GST ITC credit is a dislosure part but the IT department may compare Turnover disclosed and ITCtaken in actual GST returns filed.

A B Kundu

Professional

1427 Points Joined August 2012

In the schedule CFL the total business loss figure will be reflected and after that you have to put the unabsobed deprecation figure in the respective field.