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of <h1>Section 79 Amended: New Rules for Loss Carry Forward in Companies with Shareholding Changes, Effective April 2020</h1> Section 79 of the Income-tax Act is amended to address the carry forward and set off of losses for certain companies experiencing a change in shareholding. Generally, losses from previous years cannot be carried forward unless 51% of voting power is retained by the same shareholders. Exceptions include eligible startups, changes due to shareholder death or gift transfers, and specific corporate restructuring scenarios like foreign company amalgamations or insolvency resolutions. The amendment is effective from April 1, 2020, applicable for the 2020-2021 assessment year onwards.
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