Loss carry forward allowed for three years on disposal of securities

KARACHI: The government has provided relief to investors of stock exchange by allowing carry forward the losses for three years on disposal of securities.

 

 

 

The amendment has been introduced through Finance Supplementary (Second Amendment) Bill, 2019 presented in the National Assembly on Wednesday.

Amendment has been proposed in Section 37A of Income Tax Ordinance, 2001.

As per the amendment: “Provided that so much of the loss sustained on disposal of securities in tax year 2019 and onwards that has not been set off against the gain of the person from disposal of securities chargeable to tax under this section shall be carried forward to the following tax year and set off only against the gain of the person from disposal of securities chargeable to tax under this section, but no such loss shall be carried forward to more than three tax years immediately succeeding the tax year for which the loss was first computed.”

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