Clause 18 - Amendment of section 44BB. - Finance Bill, 2023

Amendment of section 44BB. 18. In section 44BB of the Income-tax Act, after sub-section (3) and before the Explanation, the following sub-section shall be inserted with effect from the 1st day of April, 2024, namely: (4) Notwithstanding anything contained in sub-section (2) of section 32 and sub-section (1) of section 72, where an assessee declares profits and gains of business for any previous year in accordance with the provisions of subsection (1), no set off of unabsorbed depreciation and brought forward loss shall be allowed to the assessee for such previous year. .