Loss in FY 23-24 and ITR filing

This discussion addresses a partnership firm's inability to file its Income Tax Return (ITR) for FY 23-24 due to losses. According to Section 139(3) of the IT Act, losses from PGBP or CG cannot be declared and carried forward if the return isn't filed by the due date. The advice given is to adjust the losses to offset any available income, filing a NIL return if no losses need to be carried forward.