| Question And Answer | |
|---|---|
| Subject: | New tax regime in case of Indian Pvt. Ltd. company. |
| Category: | Income-Tax |
| Querist: | ANKUR AGRAWAL |
| Answered by: | Reply of the Expert is awaited; |
| Tags: | new regime, old regime |
| Date: | September 5, 2023 |
Indian private limited company engaged in processing of food grains opted for old scheme in A.Y. 2022-23.
The company has c/f unabsorbed depreciation.
If the company opts for new tax regime during A.Y. 2023-24 whether c/f unabsorbed depreciation can be set off against business income of F.Y. 2022-23 (A.Y. 2023-24)?
Reply of the Expert is awaited. Please check back later
Disclaimer: This article is only for general information and is not intended to provide legal advice. Readers desiring legal advice should consult with an experienced professional to understand the current law and how it may apply to the facts of their case. Neither the author nor itatonline.org and its affiliates accepts any liabilities for any loss or damage of any kind arising out of any inaccurate or incomplete information in this article nor for any actions taken in reliance thereon. No part of this document should be distributed or copied (except for personal, non-commercial use) without express written permission of itatonline.org
Pending/suject to expert’s opinion:
“If the company opts for new tax regime during A.Y. 2023-24 whether c/f unabsorbed depreciation can be set off against business income of F.Y. 2022-23 (A.Y. 2023-24)?”
The question, so raised, is prima facie on a very limited point. For other possible ‘fallout’ problems, mostly unforeseen,and likely questions to surface, may look through the Posts/Comments on this website itself- wprt to also AoPs comprising of ‘companies’ , so also ‘foreign companies’!
As concluded by self,way forward has to be considered and decided upon by the FM/CBDT, to the end of revamping the whole scheme ‘NEW SURCHARGE REGIME’having due regard to, among others,the new and old tax regimes !?