If Mr Basit resident of Pakistan suffered a foreign loss-02024
This subjective question is related to the book/course
vu mgt502 Organizational Behaviour.
It can also be found in
vu mgt502 Mid Term Solved Past Paper No. 2.
Question 1: If Mr. Basit resident of Pakistan suffered a foreign loss against the income received from foreign country in tax year 2008-09. What is the treatment of such loss. Which section deals this kind of loss?
Answer:
Under Sec.104 Foreign losses Deductible expenditures incurred by a person in deriving foreign source income chargeable to tax under a head of income shall be deductible only against that income. These type of losses carried forward up to six years.
