loss return

For Company or Firm even though there is loss, they compulsory have to file return as per the provisions Sec 139(1)(a).

In other cases the return is compulsory only when the Total Income is above Basic exemption limit.

Section 271F is applicable for persons who is required to furnish their return u/s 139(1) and fails to do so.

Since, If Company / Firm suffering loss and does not file its ITR then Sec 271F will be attracted. In all other cases if there is loss and return no been filed then provision of Sec 271F will not be attracted.