(a) Mr. Rakesh furnishes the following details for year ended 31.03.2024: Particulars₹ Short Term Capital Gain2,80,000 Loss from Speculative Business1,20,000 Long Term Capital Gain on Sale of Land60,000 Long Term Capital Loss on Sale of shares (STT not paid)2,00,000 Income From Business of Textile (after allowing current year Depreciation)1,00,000 Income From Salary (Computed)2,00,000 Loss from Let - Out House Property80,000 Share of Loss from Firm1,60,000 Investment in PPF21,000 Medical Insurance Premium for self paid by Cheque24,000 Preventive Health Check-up fees for wife paid by Cheque5,000 Following are the Carry Forward Losses: • Carry Forward Loss from Business of Textile ₹ 1,20,000 - this being the 8th year from the year of Loss. Compute Total Income of Mr. Rakesh for the A.Y. 2024-2025 if he has exercised the option of shifting out of default tax regime provided under section 115BAC(1A). Also state the eligible Carry Forward losses.

(b) (i) Which are all persons required to mandatorily file the Return of Loss as per section 80 of Income Tax Act, 1961. (ii) Consequences of Non-filing of Return of Loss in time OR (b) (i) What is Belated Return u/s 139(4) of Income tax Act, 1961 and when it should be filed? (ii) Explain Non-Applicability of Updated Return u/s 139(8A)