COMPILATION OF GENERAL ORDERS RELATING TO ALLOWANCES (OTHER THAN TRAVELLING ALLOWANCE) OF FEDERAL GOVERNMENT — This Compilation incorporates all important General Orders relating to Allowances other than Travelling Allowance. Compilation of General Orders Relating to Allowances (Other than Travelling Allowance) was last prepared in July, 2002. Since then a number of orders have either been deleted, amended, updated or replaced by the Government, necessitating its revision. The clarifications and amendments, issued from time to time since 2002, have been incorporated. While latest orders have also been placed in the new edition.

By |2019-09-19T05:20:21+00:00September 19th, 2019|Federal|0 Comments
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SYSTEM OF FINANCIAL CONTROL AND BUDGETING (SEPTEMBER – 2006) AS UPDATED UP TO OCTOBER, 2018 — The New System of Financial Control and Budgeting was introduced with effect from 1st July, 2000. It has been decided to review the system with a view to delegating more powers to administrative Ministries/Divisions and bring it in line with the Chart of Accounts (CoA) as laid down by the Auditor General of Pakistan. The procedures and financial limits laid down in this O.M shall take with immediate effect. The Secretary shall be the Principal Accounting Officer of the Ministry / Division, Attached Departments and Subordinate Offices in respect of the expenditure incurred against the budget grant (s) of the Ministry/Division. The term Secretary shall include the Principal Secretary, the Acting Secretary, the Additional Secretary Incharge or the Senior Joint Secretary/Joint Secretary Incharge of a Division.

By |2019-08-31T04:15:19+00:00August 31st, 2019|Federal|0 Comments
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FINANCE ACT, 2019 – EXPLANATION OF IMPORTANT AMENDMENTS MADE IN THE INCOME TAX ORDINANCE, 2001 — Finance Act, 2019 has brought about certain amendments in the Income Tax Ordinance, 2001. The term “offshore asset” has been defined by inserting a new clause (38AA) in Section 2 which includes any movable or immovable asset held, any gain, profit or income derived, or any expenditure incurred outside Pakistan. Every person, other than a company, receiving profit on debt from persons are separately taxed. Income from Property derived by an individual or an association of person is separately taxed on the gross amount of rent. The holding period for taxation of capital gain of open plots has been increased to eight years and for constructed properties, it has been increased to four years. Where the holding period does not exceed one year, the total amount of gain will be taxed.

By |2019-08-21T13:10:35+00:00August 19th, 2019|Federal|0 Comments
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THE REVISED LEAVE RULES, 1980 (GOVERNMENT OF PAKISTAN, MINISTRY OF FINANCE) — They shall apply to all civil servants other than those who were employed before the first day of July, 1978, and opted not to be governed by the Revision of Leave Rules issued under the Finance Division’s Office Memorandum No. F.1(2)-Rev.I/78, dated the 21st September, 1978. They shall come into force at once. All service rendered by a Civil servant qualifies him to earn leave in accordance with these rules but shall not be earned during the period of leave. Any period spent by a civil servant in Foreign Service qualifies him to earn leave provided that contribution towards leave salary is paid to the Government on account of such period. There shall be no maximum limit on the accumulation of such leave.

By |2019-08-21T13:19:22+00:00August 7th, 2019|Federal|0 Comments
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THE ASSETS DECLARATION ORDINANCE, 2019 — It shall extend to the whole of Pakistan. It shall come into force at once. Assets means all domestic and foreign assets of every kind. The undiscovered assets shall be chargeable to tax and default surcharge at the value mentioned in Section 5 and at the rates specified in the Schedule to this Ordinance. The undiscovered sales and expenditure shall be chargeable to tax and default surcharge at the rates specified in the Schedule to this Ordinance.

By |2019-05-29T05:29:14+00:00May 29th, 2019|Federal|0 Comments
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THE BENAMI TRANSACTIONS (PROHIBITION) RULES, 2019 (FEDERAL GOVERNMENT) — They shall come into force at once. The Board may, by an order, assign any Commissioner Inland Revenue to exercise the powers and perform the functions of Approving Authority under the provisions of the Act and these rules. For the purpose of sub-clause (b) of clause (15) of section 2, the price shall be determined in accordance with the provisions of section 68 of the Income Tax Ordinance, 2001 (XLIX of 2001) and the rules made there under to the extent applicable under the Act.

By |2019-07-31T10:02:13+00:00March 29th, 2019|Federal|0 Comments
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