Category: Information Technology

The Federal Board of Revenue (FBR) has issued a new income tax return form for manufacturers having an annual turnover of less than Rs. 50 million for the tax year 2020.

The FBR has also issued the draft of the simple wealth statement for manufacturers with annual turnover up to Rs. 50 million.

The FBR has issued SRO.1261(I)/2020 to notify the draft of the income tax return form for the individuals and Association of Persons (AOPs) falling within the category of manufacturers having an annual turnover less than Rs. 50 million.

Form-A covers the new income tax return form, and Form-B is related to the wealth statement.

A senior FBR official told ProPakistani that the purpose of introducing this new income tax return form and wealth statement is for the facilitation of small taxpayers, including manufacturers. The FBR has given seven days to the stakeholders for comments before finalization of the new form and wealth statement.

The basic information required under the new form includes the name of the taxpayer, status, National Tax Number, address, and ownership.

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The simplified return form covers the areas of description and total income. The description covers gross sales excluding ST/FE, cost of sales, opening stock, purchases (Domestic/Imports), closing stock, other direct expenses, gross profit, and profit and loss expenses.

Total Income covers the information of inadmissible tax deductions, admissible tax deductions, deductible Allowance Net Profit or taxable income, tax chargeable, tax credit, tax payable whichever is higher, tax already Paid- elec-tel-other, electricity, telephone, and net tax payable or refundable.

Through the new wealth statement, the FBR has sought the details of immovable assets, manufacturing unit, moveable assets, business capital, investment or advance, cash in hand or bank, loan or liabilities, and net assets.

The reconciliation of net assets would also be done with the help of information of net assets of the current year, net assets pf previous year, increase or decrease in assets, income as per return, other inflows (gift, loan, remittance, etc), outflows (gift, loan, etc) and personal expenses.

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Although SARS-COV-2, the Coronavirus which causes COVID-19 disease, is mutating as it spreads unabated all over the world, none of the documented mutated variants of the virus have caused the disease to spread more quickly.

Researchers at the Genetics Institute of University College London (UCL) have made this claim in a recently published study after identifying 12,706 mutations of SARS-COV-2 through the virus genomes obtained from 46,723 COVID-19 patients from 99 countries.

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Of the 12,706 mutations, 398 occurred repeatedly and independently. Around 185 mutations of the Coronavirus occurred at least three times independently.

However, none of the mutations have increased the transmissibility of the Coronavirus over the course of the pandemic. Instead, most mutations of the virus have been neutral so far.

Lucy van Dorp, a professor at UCL’s Genetics Institute, has said that viruses are known for mutating all the time and some mutate more frequently than others. Fortunately, the research team did not find any of the mutations that caused the COVID-19 to spread more rapidly.

However, she added, it is incumbent upon healthcare authorities to remain vigilant and continue monitoring new mutations, especially when vaccines are about to be rolled out after regulatory approvals.

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Francois Balloux, a professor at UCL’s Genetics Institute, has said that these findings do not pose any threat to the efficacy of Coronavirus vaccines.

He cautioned that large-scale vaccination could apply certain new pressures on the virus, forcing it to try to evade the immune system. However, if required, scientists will be able to easily identify these mutations and will update Coronavirus vaccines accordingly within time.

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Favoritism in the Capital Development Authority (CDA) is on the rise as officials of the top civic agency have sold out a precious plot for a lot less, inflicting a Rs. 10 billion loss to the national exchequer.

According to a Daily Times report, a piece of land in the New Blue Area was sold out on September 23 at a price that was even lower than the reserve price. The report suggests that the plot was sold out at Rs.1.15 million per square meter against the reserve price of Rs.2.2 million per square meter. Plot number 22-A, adjacent to it, was sold at Rs.1.8 million per square meter.

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The report says quoting ‘reliable sources’ that the plots have not been transferred to the buyers yet. It says that after facing serious reservations from officials and investors, the CDA high-ups have decided to ‘regularize’ the transfer during the forthcoming auction.

A CDA board meeting has been called to find a way out. Reportedly, the top officials have decided to lower the reserve price for the said plot to make it look like a legitimate transfer.

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Commenting on the development, a CDA official said on the condition of anonymity that the scandal has caused not only a massive loss to the national exchequer but also an embarrassment for the authority.

On the other hand, the investors who participated in the recent auction of the plot demand retrieval of the plot and want it listed in the auction scheduled for December.

Meanwhile, the CDA spokesperson, Asim Khichi, has expressed ignorance in this matter. When contacted, Asim said that the matter involves Estate Wing and that he is totally unaware of the issue.

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Gold rates in the local market remained stable at Rs. 110,400 per tola with low demand from the customers.

Gold rates in the local market saw an increase of Rs. 100/tola to Rs. 110,400/tola as compared with yesterday’s closing of Rs. 110,300 according to the data released by the All Sindh Saraf Jewellers Association on Thursday.

Due to revised working hours in the commercial capital and smart lockdown in different cities, the demand for the precious gold metal is gradually going down in the past few days, according to the local dealers.

The demand for gold improved in the past few weeks after the wedding season started with SOPs in different cities, on the other hand, investors of the precious metal sold off their holdings to make margins.

The demand for gold from investors remains low in Pakistan in line with the trend of the international market.

The gold price per 10 gram stood at 94,664 whereas it stood at above $1807 per ounce in the international market.

As the developed countries of the world went towards lockdown a few months back, investors made a huge investment in the yellow metal as the safe-haven which shot up the prices of gold in the international to above $2,000 per ounce.

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The office of the Deputy Commissioner (DC) Islamabad has been shut down temporarily after several employees tested positive for the Coronavirus.

DC Islamabad, Hamza Shafqaat, announced the news on Twitter, adding that all employees and close contacts of the positive cases will be tested for the disease as well.

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However, the citizen facilitation center at G-11/4 will remain open for essential services offered by the departments under Islamabad’s administration.

According to District Health Officer (DHO) Islamabad, the Coronavirus positivity rate in the federal capital has jumped to 7.1% after 576 new cases were reported in the last 24 hours. 6 deaths were also reported yesterday in Islamabad.

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Sectors G-10, G-13, E-11, G-6, and G-11 remain the most affected areas of the capital.

Overall, 3306 new cases and 40 deaths were reported all over the country in the last 24 hours.

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Oppo released the entry-level A53 in India this summer. The device comes with three cameras on the back, a fingerprint sensor, and is powered by the budget Snapdragon 460 SoC. A new leak suggests that the Oppo A53 is about to get a 5G model soon, which will have a design refresh and a few differences in terms of specs as well.

The Oppo A53 5G recently made rounds at TENAA, which revealed that it will have a 6.5-inch LCD, but the resolution will be upgraded to FHD+. The fingerprint sensor will move to the side on top of the power button. The main camera sensor will be a 16MP shooter this time around and the front camera will be 8MP.

It will feature MediaTek’s Dimensity 720 SoC that brings 5G compatibility for cheap. Memory options will include 4/128 GB and 6/128 GB, and battery capacity will be decreased to 4,000 mAh. Since the Dimensity 720 chip does not include fast charging support, we expect to see no more than a 10W charging.

The device is expected to break cover next week in three different color options and the rumored price tag is $245. It may release in different regions as a rebranded Realme phone, likely with a different chipset.

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The Higher Education Commission (HEC), Pakistan has announced a new Policy Guidance for the Higher Education Institutions (HEIs), following the government’s decision regarding the continuation of education during the 2nd wave of COVID-19.

As per the government’s directions, all academic institutions shall be closed from November 26, 2020 until 24 December 2020. However, they shall continue to deliver education through online or hybrid means or through assigning homework (especially if there are problems of connectivity). The Winter Holidays shall be scheduled from December 25, 2020 to January 10, 2021, and all academic institutions shall remain closed during this period.

Academic institutions are scheduled to open on January 11, 2021. However, a review meeting will be held during the first week of January 2021 to assess the situation, and authorize the opening of academic institutions.

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In the light of the government’s directions, the Vice-Chancellors have been authorized to allow small groups of “essential” individuals on campus, subject to the implementation of scrutiny mechanisms or safeguards. Only certain categories of students may be allowed on campus.

These categories may comprise low-income students who may have connectivity problems at home because of lack of access to the internet or the availability of proper devices, foreign students, that Ph.D. or MPhil students (or final year students) who need to use the laboratories to complete their thesis work, or third year or higher medical students who need to obtain clinical training.

The total number of students permitted to come to campus should not exceed 30 percent of the total enrollment, or a lower number if dictated by the campus conditions.

Similarly, the Vice-Chancellors may require the faculty members to come to campus for delivering or preparing their online lectures.

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All the large examinations planned for December 2020 have been postponed, with exception of assessment examinations, such as MDCAT, other entrance exams, recruitment exams, or prescheduled small examinations (e.g., less than 30 students). These may be conducted, if absolutely necessary, with strict observance of all health and safety protocols.

As for hostels, the new Policy Guidance says that the Vice Chancellors have the authority to allow limited occupancy of hostels, subject to the instructed restrictions. Only the students in the “essential” categories will be allowed. The total number of students shall not exceed 30 percent of the design capacity of the hotels (or a small number if so dictated by health considerations).

All SOPs (Standard Operating Procedures) shall be implemented strictly and diligently. The universities will put in place appropriate measures including isolating hostel residents (i.e., treating the hostel as a safe bubble) to protect them from external infection. Besides, the universities shall draw up rules regarding the presence of faculty members or staff on campus.

“All the Vice Chancellors and heads of institutions shall ensure that the flexibility granted by the government is exercised in a judicious manner, authorized at the highest level, and monitored and managed effectively and efficiently,” reads the new Policy Guidance.

HEC has also released Rs. 10 million each to all public sector universities to help them establish any supportive arrangements needed to improve the quality of the online education process. Besides, the universities may recruit senior, tech-savvy students to assist faculty members in technology-related problems involved in online education.

Furthermore, HEC has constituted a COVID Response Oversight Committee to collaborate with the Vice Chancellors in their respective regions, clarify questions or concerns, share best practices, and oversee implementation.

The Committee is headed by Dr. Niaz Akhtar, Vice-Chancellor Punjab University, and comprises Dr. Tabassum Afzal (for ICT), Vice Chancellor COMSATS University Islamabad, Dr. Aslam Uqaili, Vice Chancellor Mehran University of Engineering and Technology (for Sindh), Dr. Abid Ali, Vice Chancellor Peshawar University (for Khyber Pakhtunkhwa), Engr. Farooq Bazai, Vice Chancellor BUITEMS (for Balochistan), Dr. Kaleem Abbasi, Vice Chancellor AJK University (for AJK), and Dr. Naeem Khan, Vice Chancellor Baltistan University (for Gilgit-Baltistan).

The Committee will also interact with the respective provincial governments to ensure synchronized and cooperative action.

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