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of <h1>Finance Bill 2019 amends Section 115UB: Changes to loss treatment for investment funds and unit holders effective April 2020.</h1> Clause 38 of the Finance (No. 2) Bill, 2019 amends section 115UB of the Income-tax Act, effective April 1, 2020. It modifies the treatment of losses for investment funds and unit holders. Losses from 'Profit and gains of business or profession' can be carried forward by the investment fund but not by unit holders. Other losses are ignored if units are held for less than twelve months. A new sub-section (2A) allows unit holders to carry forward pre-March 31, 2019 losses, but these losses are not available to the investment fund after April 1, 2019. These changes apply from the assessment year 2020-2021 onward.
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