Consultancy

Set Off Losses Against Income From Property Section 56(1)

Posted on by Muhammad Waheed Ensari

Set Off Losses Against Income From Property Section 56(1)

Set Off Losses Against Income From Property Section 56(1): Pursuant to change in the nature of regime applicable to income from property (form option to be taxed either as separate block or on net income basis (NTR regime) by applying applicable rates in Division 1 Part 1 of First Schedule for Individual/AOP)

Finance Bill has proposed a corresponding change in section 56 and now tax payer would be able to adjust loss under the head “Income from Business” against income from property and vice versa.

For more information on FBR’s new regulations / circulars/ SROs/ amendments in taxation laws in Pakistan please visit https://www.fbr.gov.pk/

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Muhammad Waheed Ensari

Founder & CEO, BeSpoke Consulting and Training with 20+ Years of Professional Experience (International and National) in the field of Business Development, Taxation, Accounting, Finance & Auditing with good understanding of financial management system. Strong exposure in the field of general accounting, G/L maintenance, financial reporting and Internal control procedures. Expert in handling people of diverse nationalities, and renowned for being an excellent team player with a positive “can do” attitude. Energetic & self-motivated with a high degree of cultural sensitivity.

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