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of <h1>Union Budget 2023-24: Amendments to Sections 72A, 72AA for Strategic Disinvestment, Banking Mergers, Effective April 2023.</h1> The Union Budget 2023-24 and Finance Bill, 2023 propose amendments to facilitate strategic disinvestment by modifying sections 72A and 72AA of the Act. Section 72A will redefine strategic disinvestment as the sale of government shareholding in a public sector company, reducing ownership below 51% and transferring control. Section 72AA will allow the carry forward of accumulated losses and unabsorbed depreciation in banking company amalgamations within five years of strategic disinvestment. These changes aim to streamline disinvestment processes and will be effective from April 1, 2023, applicable to the assessment year 2023-24 and beyond.
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