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of <h1>Finance Bill 2023 amends section 44BBB: Foreign firms in turnkey projects can't offset losses from April 2024.</h1> Clause 19 of the Finance Bill, 2023, amends section 44BBB of the Income-tax Act, impacting foreign companies involved in civil construction for turnkey power projects. The amendment introduces sub-section (3), effective April 1, 2024, stating that if an assessee declares business profits as per sub-section (1), they cannot set off unabsorbed depreciation and carried forward losses for that year. This change applies to the assessment year 2024-2025 and subsequent years, overriding provisions in section 32(2) and section 72(1) regarding depreciation and loss set-off.
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