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of <h1>Bill clarifies set-off and carry-forward rules for specified business losses; Act uses section 46 cross-references and detailed carry-forward mechanics</h1> Both texts confine set-off of losses from a 'specified business' to profits of other specified businesses in the same year and permit carry-forward only against future profits of specified businesses; the Bill version adds express definitions (including 'unabsorbed loss') and expressly frames application to losses from specified businesses 'carried on by the assessee,' while the Act version cross-references section 46 and uses more granular subclauses for carry-forward mechanics. Substantive effect is similar, but the Bill's drafting is clearer for administration and compliance; no provisos allowing set-off against non-specified income appear in either text, requiring segregation and supporting records.
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