Amendment of section 79.

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..... tain companies. Sub-section (1) of the said section provides that where a change in shareholding has taken place during the previous year in the case of a company, not being a company in which the public are substantially interested, no loss incurred in any year prior to the previous year shall be carried forward and set off against the income of the previous year, unless on the last day of the pr .....

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..... of such previous year and such loss has been incurred during the period of seven years beginning from the year in which such company is incorporated. It is proposed to amend the said proviso so as to increase the period from seven years to ten years. This amendment will take effect from 1st April, 2023 and will, accordingly, apply in relation to the assessment year 2023-2024 and subsequent assessm .....

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