setoff business loss & Depreciation loss

[Dwarakanath sriknatiah]

I have both business loss and depreciation loss from 2002/03 on wards till 2007/08

Profits from the 2008/09 on wards.

Pl advice whether business loss to be adjusted against the profit first against carry forward losses first?

and  then to adjust depreciation loss?

AI Summary

Adjust Business Losses Before Depreciation per Section 32(2) of Income Tax Act, Say Experts on Forum A participant in a discussion forum sought advice on whether to adjust business losses or depreciation losses first against profits from 2008/09 onward, having incurred both types of losses from 2002/03 to 2007/08. Two respondents advised that carried forward business losses should be adjusted first before addressing unabsorbed depreciation, in accordance with section 32(2) of the Income Tax Act.