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Section 32(2) - Setoff and carry forward of unabsorbed Depreciation

Income Tax - Profit and Gains of Business or Profession - 12 - SEC - 32(2): SET-OFF AND CARRY FORWARD OF UNABSORBED DEPRECIATION SET-OFF OF UNABSORBED DEPRECIATION Current year depreciation shall be allowed to be set off against any income assessable for that Assessment Year. CARRY FORWARD OF UNABSORBED DEPRECIATION Depreciation to the extent not set off shall be carried forward to the next year and set off against the income under any head. Notes: Depreciation shall be allowed to be carried for .....

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