Which are all persons required to mandatorily file the Return of Loss as per Section 80 of Income Tax Act, 1961. Also explain the consequences of Non-filing of Return of Loss in time.

Answer 4(c) Persons required to mandatorily file ITR as per section 80 of the Income Tax Act, 1961 A person having the following losses is required to mandatorily file return of loss on or before the due date for the purpose of carry forward of such losses - Business loss Speculation business loss Loss from specified business [In case assessee has exercised the option of shifting out of the default tax regime provided under section 115BAC (1A)] Loss under the head "Capital Gains" Loss from the activity of owning and maintaining race horses" Consequences of Non-Filing of Return of Loss in time If the return of loss is not filed within the time allowed u/s 139(1) then, the following Losses cannot be carried forward - Business loss Speculation business loss Loss from specified business [In case assessee has exercised the option of shifting out of the default tax regime provided under section 115BAC(1A)] Loss under the head "Capital Gains" Loss from the activity of owning and maintaining race horses"