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of <h1>Finance Bill 2022 amends Income-tax Act section 79 on loss carry forward for companies post-strategic disinvestment.</h1> Clause 18 of the Finance Bill, 2022 amends section 79 of the Income-tax Act concerning the carry forward and set off of losses for certain companies. It introduces a new clause (f) in sub-section (2), exempting erstwhile public sector companies from sub-section (1) if their ultimate holding company retains at least 51% voting power post-strategic disinvestment. A new sub-section (3) specifies that if this condition is not met, sub-section (1) will apply. Definitions for 'erstwhile public sector company' and 'strategic disinvestment' are also added. These changes apply from April 1, 2022, affecting assessment year 2022-2023 onwards.
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