Section 7, The Finance Act, 2016

Subsection (2) of section 32 of the Income Tax Act, 2000 isamended by inserting immediately after paragraph (aa) thereof the following new paragraph– “(b) any allowable loss suffered by the taxpayer to the extent that the loss has not been deducted in the previous year of assessment in-so-far as the tax payable each year will be 50% of the tax due if such loss is not carried forward; and”.