set off of loss

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p.hepsiba (Querist)

23 February 2008 the accumulated loss of a urban coperative bank was Rs.26,00,000 as on 31.03.2006.return was not filed for the financial year 2005-06.
during financial year 2006-07 bank earned profit of Rs. 27,00,000.
can the loss Rs.26 lakhs outstanding on 31.03.2006 deducted from profit 27 lakhs in 2006-07?
if not will the whole profit earned Rs.27
laks will be taxable in the year 06-07?

CA Hemant T Dewani

CA Hemant T Dewani (Expert)

23 February 2008 whether you are filled loss retuns earlier in time or not if you filled loss return u/s 139(1)then you will set off the loss otherwise not
the income of urban co-op bank is exempt u/s 80p of the act so you will first calculate the exempted income and then setoff the accumulated loss so it is carryforward for next years maximun time limit is eight years from the end of the assessement years you will sarryforward the loss

p.hepsiba

p.hepsiba (Querist)

23 February 2008 is the income of urban coop bank exempted
u/s 80p for the previous year 2006-07?

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