Carry forward of business losses section 57 (4) & 57 (5)
Section 57(4) states that “The loss attributable to deductions allowed under sections 22, 23, 23A, 23B and 24 that has not been set off against income, the loss not set off shall be set off against fifty percent of the person’s balance income chargeable under the head “income from business” after setting off loss under sub-section (1), in the following tax year and so on until completely set off”. Now expression “23A” has been omitted from Section 57(4).
Section 57(5) states that “In determining whether a person’s deductions under sections 22, 23, 23A, 23B and 24 have been set off against income, the deductions allowed under those sections shall be taken into account last”.
Now expression “23A” has been omitted from Section 57(5).
Read more blogs here and to contact FBR click here.
