Tax Book 2023

Losses Chapter- 14

Q. NO.3 (b) WINTER 2008

Four partners firm comprising Mr. JS, KK, TT, RR are sharing profit and losses equally. The unadjusted

loss of “AOP” stands at Rs. 444,000. Mr. RR submits resignation and retires from business.

Required: 1 - State the Set off and Carry forward of losses of AOP’s.

2 - Compute the amount of loss to be carried forward by the firm.

Q. NO. 2 (d) SUMMER 2008 What a foreign loss is as described in the Income tax Ordinance, 2001? How

these foreign losses are treated under the Income Tax Ordinance, 2001?

Q.NO 4(a) Spring 2007 Explain speculation business and rules of set off and carry forward of losses out of

speculation business

(b) What do you understand by the term “speculation business” as referred to in the Income tax Ordinance,

2001? Briefly discuss the rules relating to set off and carry forward of losses arising out of speculation

business.

Q. NO 6 (b) WINTER 2006 (Briefly state) Set off losses other than the speculation business losses and

capital losses u/s 56 of the Income tax Ordinance, 2001.

Q. NO. 4 (a) SUMMER 2006 Describe the speculation business and mention the businesses which are not
included in speculation business under the Income tax Ordinance, 2001.

Q. NO. 8 (a) WINTER 2004 Explain the provisions of Carry forward of capital losses under the Income tax

Ordinance, 2001.

Q. NO. 4 (a) SUMMER 2004 Explain the provisions for Carry forward of speculation business losses under

Income tax Ordinance, 2001.

NOW SOLVE FOLLOWING NUMERICAL QUESTIONS OF ICMAP PAST PAPER RELATED TO THIS

TOPIC

Q.NO. 3(B) WINTER 2 008