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of <h1>Amended Section 79: New Rules for Carrying Forward Losses in Private Companies and Eligible Start-Ups Explained</h1> Section 79 of the Income-tax Act was amended effective April 1, 2018, to address the carry forward and set off of losses in certain companies. For companies not substantially owned by the public, losses from previous years cannot be carried forward unless 51% of the voting shares are held by the same shareholders who held them when the loss was incurred. Eligible start-ups can carry forward losses if original shareholders maintain their shares, and the loss occurred within seven years of incorporation. Exceptions include changes due to shareholder death or gift transfers, and certain foreign company restructurings.
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