AGL 40.30 Increased By ▲ 0.30 (0.75%)
AIRLINK 126.99 Decreased By ▼ -0.05 (-0.04%)
BOP 6.60 Decreased By ▼ -0.07 (-1.05%)
CNERGY 4.45 Decreased By ▼ -0.06 (-1.33%)
DCL 8.62 Increased By ▲ 0.07 (0.82%)
DFML 41.70 Increased By ▲ 0.26 (0.63%)
DGKC 86.90 Increased By ▲ 0.05 (0.06%)
FCCL 32.15 Decreased By ▼ -0.13 (-0.4%)
FFBL 64.88 Increased By ▲ 0.08 (0.12%)
FFL 10.16 Decreased By ▼ -0.09 (-0.88%)
HUBC 109.33 Decreased By ▼ -0.24 (-0.22%)
HUMNL 14.70 Increased By ▲ 0.02 (0.14%)
KEL 5.14 Increased By ▲ 0.09 (1.78%)
KOSM 7.40 Decreased By ▼ -0.06 (-0.8%)
MLCF 41.22 Decreased By ▼ -0.16 (-0.39%)
NBP 59.94 Decreased By ▼ -0.47 (-0.78%)
OGDC 193.85 Increased By ▲ 3.75 (1.97%)
PAEL 28.03 Increased By ▲ 0.20 (0.72%)
PIBTL 7.78 Decreased By ▼ -0.05 (-0.64%)
PPL 151.01 Increased By ▲ 0.95 (0.63%)
PRL 26.34 Decreased By ▼ -0.54 (-2.01%)
PTC 16.10 Increased By ▲ 0.03 (0.19%)
SEARL 78.21 Decreased By ▼ -7.79 (-9.06%)
TELE 7.43 Decreased By ▼ -0.28 (-3.63%)
TOMCL 35.32 Decreased By ▼ -0.09 (-0.25%)
TPLP 8.23 Increased By ▲ 0.11 (1.35%)
TREET 15.92 Decreased By ▼ -0.49 (-2.99%)
TRG 52.67 Decreased By ▼ -0.62 (-1.16%)
UNITY 26.50 Increased By ▲ 0.34 (1.3%)
WTL 1.26 No Change ▼ 0.00 (0%)
BR100 9,941 Increased By 57.1 (0.58%)
BR30 30,870 Increased By 270.4 (0.88%)
KSE100 93,883 Increased By 528 (0.57%)
KSE30 29,083 Increased By 152 (0.53%)

The Federal Board of Revenue (FBR) is likely to scan the records of selected non-profit organisations (NPOs) for audit to check any misuse of funds. Sources told Business Recorder on Wednesday that the board would also select NPOs for audit under the on-going exercise.
Primarily, trusts records would be examined to unearth cases where assets of these charitable organisations were transferred into family property. It is important to mention that every non-profit organisation, including those established for religious, educational, charitable, welfare or development purposes and for the promotion of amateur sports, are liable to file income tax returns.
It is mandatory for the non-profit organisations, formed and registered under any law, to file tax return. Similarly, the NPOs, approved by the commissioner of income tax, have to file returns.
Sources said that withholding statements of car manufacturers and import data would also be examined to identify cases of multiple purchases and investment into this sector. Other cases, which might come within the purview of audit, included cases where profit and loss (P & L) expenses are claimed more than 90 percent of gross profit excluding depreciation. Cases where refunds have been adjusted against future liabilities would also be examined under the new strategy, sources said.

Copyright Business Recorder, 2007

Comments

Comments are closed.