A company have speculative loss and normal business profit. under which section company file RoI - 139(1) or 139(3)..?
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Quick Summary
This discussion clarifies how a company should file its Return of Income when it has both speculative losses and normal business profits. It explains that speculative losses cannot be offset against normal business income and must be carried forward. The correct section for filing depends on whether the company wishes to claim the speculative loss, which requires filing under Section 139(3) within the due date.
Section 139(3) required filing of RoI within due date for claiming eligible losses. As stated in my query, company have speculative loss. My doubt is which provision 139(1)/(3) is applicable in this scenario.?
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