Income Tax Ordinance, 2001

Chapter- III

TAX ON TAXABLE INCOME PART VII EXEMPTIONS AND TAX CONCESSIONS

PART VIII

LOSSES

56.          Set off of losses.— (1)  Subject to sections 58 and 59, where a person sustains a loss for any tax year under any head of income specified in section 11, the person shall be entitled to have the amount of the loss set off against the person’s income, if any, chargeable to tax under any other head of income [1][except income under the head salary [2][ ] ] for the year;

{3]―Provided that the adjustment of business loss shall not be allowed against income from property for the tax year

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