Income Tax Ordinance, 2001

CHAPTER-VII

INTERNATIONAL PART II TAXATION OF FOREIGN-SOURCE INCOME OF RESIDENTS

From: 2023-07-01 - To: 0000-00-00 104. Foreign losses.- (1) 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. (2) If the total deductible expenditures referred to in sub-section (1) exceed the total foreign source income for a tax year chargeable to tax under a head of income(hereinafter referred to as a “foreign loss”), the foreign loss shall be carried forward to the following tax year and set off against the foreign source income chargeable to tax under that head in that year, and so on, but no foreign loss shall be carried…