Who all are required to mandatorily file the Return of Loss as per Section 80 of Income Tax Act, 1961?

Section 80 of the Income-tax Act, 1961 provides that no loss shall be carried forward and set off under certain heads of income unless the return of loss is filed within the due date of filing return of income prescribed under section 139(1). Thus, filing of return of loss within the due date becomes mandatory for assessees who intend to carry forward specified losses. Accordingly, the following persons are required to mandatorily file a return of loss: Any person who has incurred loss from business or profession (other than loss from house property) must file the return of loss within the due date if such loss is intended to be carried forward. This includes loss from non-speculative business as well as speculative business. Any person who has incurred loss from specified business u/s 35AD must file the return of loss within the due date if such loss is intended to be carried forward. Any person who has suffered a capital loss, whether short-term or long-term, is required to file the return of loss within the due date to be eligible to carry forward such capital loss to subsequent assessment years. Any person who has incurred a loss in the activity of owning and maintaining race horses, must also file the return of loss within the due date for carrying forward such loss. Conclusion: As per section 80, all persons having losses under the heads Business or Profession (including speculative business), Capital Gains, and loss in the activity of owning and maintaining race horses are mandatorily required to file the return of loss within the due date prescribed under section 139(1) / 139(3) to avail the benefit of carry forward of losses, except in the case of loss from house property.