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of <h1>Finance Bill 2023 amends Income-tax Act Section 79, extending loss carry forward for start-ups from 7 to 10 years.</h1> Clause 35 of the Finance Bill, 2023, amends section 79 of the Income-tax Act, which pertains to the carry forward and set off of losses for certain companies. The amendment changes the period from seven to ten years for eligible start-ups to carry forward and set off losses, even if there is a change in shareholding, provided all original shareholders still hold their shares. This change is effective from April 1, 2023, and applies to the assessment year 2023-2024 and subsequent years.
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