Carry Forward & Set Off

This query is : Resolved

Shiv om Jindal (Querist)
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29 March 2009 If an assessee has suffered loss under PGBP in the previous year 2006-07 and furnished the return with time u/s 139(1). But in the A/y 2008-09 he has filed the return after time limit u/s 139(1).
I. Income in the A/y 2008-09
II.Loss in the A/y 2008-09

Whether under each of the above cases he will have the benefit of carry forward and set off of loss sustained in the P/y 2006-07.

CA. Aryendra

CA. Aryendra (Expert)
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29 March 2009 There is no difference there is loss or profit in the year 2008-09 loss will be carry forwar of 2006-07

But loss would not carry forward for the year 2008-09

Manmohan ACA, CS

Manmohan ACA, CS (Expert)
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30 March 2009 any loss which could be setted off in the year 2008-09 will not be allowed to set- off and remaining will be available for set off

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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30 March 2009 loss for the year 06-07 can be set off against the income of year 08-09 and can be carry fwd if not fully set off
but loss for the year 08-09 will not be allowed to be carry fwd if return not filed on time as per sec 139(1)

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