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of <h1>Finance Bill 2019-20: Amendments to Sections 79 & 54GB to Boost Start-up Incentives and Tax Benefits.</h1> The Finance Bill 2019-20 proposes amendments to incentivize start-ups. Section 79 of the Income Tax Act will be revised to allow eligible start-ups to carry forward and set off losses against income if they meet either of the conditions in clauses (a) or (b). For other companies, only clause (a) applies. Section 54GB will be amended to extend the deadline for investment in eligible start-ups from residential property sales to March 31, 2021, reduce the minimum shareholding requirement to 25%, and shorten the asset transfer restriction period from five to three years, effective April 1, 2020.
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