Download RE-APPROPRIATION OF FUNDS — Re-appropriation means the transfer of funds from one unit of appropriation to another or transfer of savings in the provision made for expenditure under a minor or detailed object to meet excess expenditure anticipated under another minor or detailed object, within the same grant.
RE-APPROPRIATION OF FUNDS — Re-appropriation means the transfer of funds from one unit of appropriation to another or transfer of savings in the provision made for expenditure under a minor or detailed object to meet excess expenditure anticipated under another minor or detailed object, within the same grant.
About the Author: Muhammad Imtiaz
NEW INCOME TAX SLABS – 2019 — NEW SALARY SLABS AND RATE OF TAX ON SALARY SLABS – According to Section (9) of the Income Tax Ordinance, 2001, the taxable income of a person for a tax year shall be the total income of the person for the year reduced (but not below zero) by the total of any deductible allowances of this Chapter of the person for the year. Any salary received by an employee in a tax year, other than salary that is exempt from tax under Income Tax Ordinance, shall be chargeable to tax in that year under the head Salary. Salary means any amount received by an employee from any employment, whether of a revenue or capital nature. According to Section (149) of the Income Tax Ordinance, 2001, every person responsible for paying salary to an employee shall, at the time of payment, deduct tax from the amount paid at the employee’s average rate of tax computed at the rates specified in Division I of Part I of the First Schedule on the estimated income of the employee chargeable under the head “Salary” for the tax year in which the payment is made after making adjustment of tax withheld from employee under other heads. As per Finance Act, 2019, the salary slabs as well as tax rates have been revised with effect from 01-07-2019. As such all withholding tax agents disbursing salary are required to implement the revised tax rates from the same date.July 29th, 2019 | 0 Comments
MEDICAL CERTIFICATE OF FITNESS ON FIRST ENTRY INTO GOVERNMENT SERVICE (PUNJAB GOVERNMENT) — Authorities competent to make first appointments may require the submission of a medical certificate of fitness from temporary or officiating Government servants. In any case they must satisfy themselves that the candidate is protected against smallpox. Medical certificates should ordinarily be required from candidates on first appointment to Government service if they are likely to officiate or to hold temporary posts for any period exceeding six months. Re-employed persons who during their previous term of service under the Government had produced the required medical certificates need not be required to produce a fresh certificate unless the period between their discharge from their old posts and their appointment to the new posts is in excess of three months.April 9th, 2019 | 0 Comments
March 12th, 2019 | 4 Comments
PROCESS OF BUDGET FORMULATION — The budget represents a comprehensive plan of Government activities expressed in financial terms. On the expenditure side, it shows the Government’s intention to spend money needed to maintain the civil administration and to implement the various economic and social programmes during the forthcoming Fiscal Year. On the receipt side, it sets forth the estimated amounts of money to be collected from Taxation, Borrowings and other sources. Budget is thus the forecast of Government income and expenditure for the ensuing Fiscal Year, which enables the Government to translate its policies in financial terms by providing available resources to the best possible advantage in accordance with the priorities determined in the public interest. Budget, is, therefore, not merely a statement of accounts.January 1st, 2019 | 1 Comment
FINANCIAL DISCIPLINE — In order to make some improvements in the accounting set up of an organization in the fields of realization of income and control over expenditure, it is necessary to adopt some measures because Finance is an essential element in policy questions.December 14th, 2018 | 0 Comments