Question
Download Solution PDFAs per Finance Bill 2023, eligible start-ups will be able to set off and carry forward losses incurred during their first ten years of incorporation, even if there has been a change in shareholding, if all shareholders continue during the relevant period. The previous time limit of seven years has been increased to _________.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is 10 Years.
Key Points
- Eligible startups will be able to set off and carry forward losses incurred during their first ten years of incorporation, even if there has been a change in shareholding, as long as all shareholders continue during the relevant period.
- The previous time limit of seven years has been increased to ten years
- As per Finance Bill 2023, the definition of 'strategic disinvestment' in Section 72A has been modified to include the sale of shares by the Central or State Governments, or by a public sector company in another public sector company resulting in a reduction of its shareholding below 51% and transfer of control to the buyer.
- Section 72AA is amended to allow the carry forward of accumulated losses and unabsorbed depreciation in the case of the amalgamation of a banking company with another banking company within five years of the strategic disinvestment.
Last updated on May 28, 2025
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