Day: March 21, 2019

Income Tax Ordinance 2001: return filers can claim tax adjustment paid on educational fee

KARACHI: Income tax return filers can claim adjustment of advance tax paid on educational fee.

According to updated Income Tax Ordinance, 2001 issued by Federal Board of Revenue (FBR) the advance tax collected on education fee under Section 236I is adjustable against total income tax liability of a taxpayer.

Section 236I: Collection of advance tax by educational institutions

Sub-Section (1): There shall be collected advance tax at the rate specified in Division XVI of Part-IV of the First Schedule on the amount of fee paid to an educational institution.

The rate of collection of tax under section 236I shall be 5 percent of the amount of fee.

Sub-Section (2): The person preparing fee voucher or challan shall charge advance tax under sub-section (1) in the manner the fee is charged.

Sub-Section (3): Advance tax under this section shall not be collected from a person on an amount which is paid by way of scholarship or where annual fee does not exceed two hundred thousand rupees.

Sub-Section (4): The term “fee” includes, tuition fee and all charges received by the educational institution, by whatever name called, excluding the amount which is refundable.

Sub-Section (5): Tax collected under this section shall be adjustable against the tax liability of either of the parents or guardian making payment of the fee.

Sub-Section (6): Advance tax under this section shall not be collected from a person who is a non-resident and,—

(i) furnishes copy of passport as an evidence to the educational institution that during previous tax year, his stay in Pakistan was less than one hundred eighty-three days;

(ii) furnishes a certificate that he has no Pakistan-source income; and
(iii) the fee is remitted directly from abroad through normal banking channels to the bank account of the educational institution.

March 21, 2019
Credit Suisse consultants for RLNG plants privatization

ISLAMABAD: The government has accorded approval to a consortium led by Credit Suisse to act as financial consultants for the privatization of the RLNG power plants.

The approval was given at a meeting of the Board of Privatization Commission chaired by Federal Minister of Aviation and Privatization Muhammad Mian Soomro.

The transparent and appropriately appraised value of privatization of state owned enterprises is one of the major priorities of the current government and shall be successfully undertaken with due regard to every possible minutiae, Soomro said.

The meeting was attended by Secretary Privatization Rizwan Malik and the board members of the Privatization Commission.

A number of essential issues were on the agenda. The Minister was briefed about the progress made in the Privatization process of a number of state owned enterprises.

These enterprises include Mari Petroleum, SME Bank and First Woman’s Bank. Other state owned entities which are to be privatized on priority basis were also discussed. These include Services Hotel and Convention Centre, Islamabad.

The Minister was apprised of the current status of the process for each entity and the Minister ordered that it should be ensured that every possible step is taken to ensure a transparent and financially feasible privatization.

The meeting also confirmed the minutes of the Third Meeting (03/2018) of Privatization Commission Board which was held on 18th December, 2018 and also reviewed the status of decisions of the Third Meeting of the PC Board. The appointments of Consultants of the Privatization Commission were also discussed.

It was also decided in the meeting that a steering committee headed by the Minister for Privatization, including relevant stakeholders shall over see the implementation process of privatization.

March 21, 2019
PTCL promotes digital billing to save environment

KARACHI: In an effort to save environment, Pakistan Telecommunication Company Limited (PTCL) has urged its customers to opt for digital billing instead of monthly paper bills.

A statement on Wednesday said that this initiative will, not only create awareness on preserving nature but, also gives customers an opportunity to contribute towards this cause.

On the occasion, Moqeem ul Haque, Chief Commercial Officer, PTCL said, “PTCL, being a national company, takes its responsibility to reduce paper usage throughout our company that can have a significant impact in going green.

“We strive to provide our customers with easy and convenient options like eBilling that is secure and saves time.”

The company has taken steps to ensure that numerous avenues are open for customers to opt for eBilling.

Customers can subscribe online through the PTCL website and through the TouchApp (Android & iOS).

The customers can also call on the PTCL helpline 1218, subscribe to eBilling and opt out of receiving paper bills. All new customers are now receiving only eBills.

Furthermore, customers can pay their bills without showing a paper bill using UPaisa. They only need to provide a telephone number with the area code.

PTCL is contributing towards saving the environment and a greener Pakistan.

March 21, 2019