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Unabsorbed depreciation in itr 5

Hardeep Singh (CHARTERED ACCOUNTANT) (205 Points)

10 October 2018

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

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2 Replies

Rakesh Joshi (CA Final) (1272 Points)
Replied 10 October 2018

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) (1422 Points)
Replied 10 October 2018

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.