Section 79 of ITA, 1961 : Section 79: Carry Forward And Set Off Of Losses In Case Of Certain Companies
ITA, 1961
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Explanation using Example
Imagine a private limited company, ABC Pvt Ltd, which is not substantially owned by the public. In the financial year 2017-2018, the company suffered a loss. To utilize this loss in the next financial year (2018-2019) to offset its taxable income, the company must meet certain conditions as per Section 79 of the Income-tax Act, 1961.
As of the last day of the financial year 2017-2018, the shareholders who held 51% of the voting power must still hold at least the same percentage of voting power on the last day of the financial year 2018-2019. If this condition is not m...
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