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Expenses PowerPoint Presentation

Expenses

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Expenses

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  1. Expenses Muhammad AamirIlyas

  2. Expenses? “The money spent on something – to acquire asset or the cost required for something” Examples: Housing, Food at home, Food away from home, apparel, Transportation, health, education

  3. Expenses? “The money spent on something – to acquire asset or the cost required for something” Examples: Housing, Food at home, Food away from home, apparel, Transportation, health, education

  4. Expenses? 1. Fully verifiable Utilities, club’s subscription etc • Semi verifiable Foreign Travelling etc • Completely unverifiable clothing, social obligations etc.

  5. Guidelines for IOs 1. Fully verifiable Proper verification from the concerned agencies • Semi verifiable taken to the extent of verified version • Completely unverifiable should be estimated reasonably

  6. Investigation into expenses • Subscription of club memberships may be checked • Details of credit cards may be probed • Copy of passport and details of foreign travelling may be obtained • Determination of FMV of rent • Children’s education

  7. Analysis of Tax Record • Form D of return of Income filed u/s 114(1) of the Income Tax Ordinance (ITO), 2001 may be examined • Wealth Statement filed u/s 116(1) of the ITO 2001 including wealth reconciliation statement may be examined

  8. Test yourself Mr. Shahzad is a patwari, a BS 5 official, has recently bought a car. It means he is involved in corrupt practices? Mr. Jameel is a retired federal secretary. He had nothing when he entered into civil service. Now, he is owner of more than five plazas located in Super and Jinnah Super Market, Islamabad. There is possibility, he has been involved in corrupt practices?