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of <h1>Amendment to Section 72AA Limits Banking Amalgamation Loss Carry-Forward to Eight Assessment Years Starting April 2025</h1> Section 72AA of the Income-tax Act is amended effective April 1, 2026, limiting loss carry-forward provisions for banking amalgamations occurring on or after April 1, 2025. When banking companies, corresponding new banks, or Government companies amalgamate, the accumulated losses transferred to the successor entity (banking institution, amalgamated bank, or amalgamated Government company) can only be carried forward for a maximum of eight assessment years following the assessment year when the loss was first computed for the original predecessor entity. The amendment also defines 'original predecessor entity' as the predecessor entity in the first amalgamation.
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