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of <h1>Finance Bill 2019 amends Section 115UB: AIFs can carry forward business losses; non-business losses restricted for short-term holders.</h1> The Finance Bill 2019 proposes amendments to Section 115UB to address issues faced by Category I and II Alternative Investment Funds (AIFs) regarding the pass-through of losses. Currently, only income, excluding business income, passes through to investors for tax benefits. The amendments allow business losses to be carried forward by the AIF and not passed to unit holders. Non-business losses will be ignored for pass-through if the unit is held for less than twelve months. Losses as of March 31, 2019, will be attributed to unit holders for carry forward, not the AIF. These changes apply from April 1, 2020, for the 2020-21 assessment year onward.
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