Priority of various Carried Froward Losses, Depreciation, Profit to arrive Net Taxable Income

[SHOEB VAPIWALA]

Dear Sir

We request you to explain about set off procedure of 1) Depreciation C/F 2) Business Loss C/F 3) Profit C/F u/s 80JJA 4) Profit U/as 80I under Income tax Act., 1961.

Which C/F items to set off must be priorities on others?

Thanks

VAPIWALA S G

AI Summary

Clarification sought on priority order for setting off carried forward items under Income Tax Act, 1961, including sections 80JJA and 80I. A participant in a discussion forum seeks clarification on the priority order for setting off various carried forward items under the Income Tax Act, 1961, to determine net taxable income. The items in question include carried forward depreciation, business loss, profit under section 80JJA, and profit under section 80I. They request guidance on which of these items should be prioritized for set-off against taxable income.