Do you have streak of writing column ? Why don't you share your expertise and knowledge for readers and let them have the benefit of your knowledge. Click the page "Guest Blogging " show the world your talent. - taxworry.com answers QUERIES done through ASK ME link only. Question by comment system is OPEN to READERS .

Carry Forward & Adjustment Of Losses In Subsequent Year Simplified!

Section 71B to Section 80 of the Income Tax Act provides in Chapter XXV , the manner in which the unadjusted loss of a year can be carried forward and adjusted in subsequent years. Most important to remember is that for carry forward of losses , you will have to file return of income within due date as per section 80 of the I T Act. If you file the return late , you miss great opportunity of adjustment of loss in subsequent years’ income. Here is a chart to give you a ready reckoner for laws related to carry forward of losses and adjustment with income of subsequent years.

Google Buzz

About taxworry

Comments

  1. Kodur_Sathya says:

    Sir
    I am of the opinion that unabsorbed depreciation could be set off against any income (including salaries).

    whereas the business loss cannot be set off against salary income.

    Can you pls tell us why you have mentioned that unabsorbed depreciation cannot be set off against salary?

    Is there a decided case law or a legal bar in interpreting the section. If so, pls explain?
    sathya
    vyakul@gmail.com

  2. Kodur_Sathya says:

    I am really surprised to see that my earlier post on this article is not published.

    Its about carry forward of depreciation and set off against salary income.

    Law dont make any difference between the current and unabsorbed depreciation.

    Nothing in the law stops in setting off the depreciation against salary income.

    So unabsorbed depreciation can also be set off against salary.

    Can you pls clarify your posting?
    sathya
    vyakul@gmail.com

Speak Your Mind

*

More Twitter Followers
Subscribe taxworry.com!

Parse error: syntax error, unexpected T_VARIABLE in /home1/taxworry/public_html/wp-content/plugins/genesis-simple-hooks/plugin.php(92) : eval()'d code on line 107