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of <h1>Finance Bill 2016 amends section 80: Undeclared losses can't be carried forward or set off from assessment year 2016-2017.</h1> Clause 35 of the Finance Bill, 2016 proposes an amendment to section 80 of the Income-tax Act. It specifies that losses not determined through returns filed under sub-section (3) of section 139 cannot be carried forward or set off under various sections, including section 72, 73, 74, and 74A. The amendment adds that losses under sub-section (2) of section 73A are also subject to this restriction. This change is effective retroactively from April 1, 2016, and applies to the assessment year 2016-2017 and beyond.
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