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of <h1>Finance Act 1992: New Provision for Setting Off Firm Losses by Partners Effective April 1, 1993.</h1> The Finance Act, 1992, replaces sections 75, 76, and 77 of the Income-tax Act with a new provision effective April 1, 1993. Section 75 addresses the treatment of losses for firms. It specifies that any firm-related losses from assessment years up to April 1, 1992, which could not be offset against other firm income and were apportioned to a partner, but not set off by that partner by April 1, 1993, may be set off against the firm's income. This is contingent on the partner remaining in the firm, allowing such losses to be carried forward for set-off under sections 70 to 74A.
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