20000317

IT collectorates asked to regularise savings before May 15

SOHAIL SARFRAZ

ISLAMABAD: The Central Board of Revenue has asked its income tax collectorates to regularise their saving and excesses of expenditure for this fiscal before May 15.

In a communication to IT Collectors, the CBR says that to finalise the accounts and regularise excess expenditure of the income tax department before the end of the financial year, the saving should be surrendered to the government before May 15. As savings reported after May 15 would not be entertained by the board because the auditor general will not accept the surrenders and orders issued after due date.

The board has further directed that the revised estimates should be prepared carefully on realistic expenditure avoiding saving-excess, as any expenditure over and above the final grant will have to be explained to Public Accounts Committee.

The CBR has further said that the reasons of excess savings should be explained in the justification sheet to be submitted to the Public Accounts Committee.

The CBR has explained that the funds reported should not be utilised before consulting the Board. As these may be transferred to other field offices through re-appropriation to regularise the excess expenditure or surrendered before May 15 of each financial year.

The board has said that excess expenditure other than Establishments Charges should be strictly avoided.

The CBR has clarified to the Regional Commissioners of income tax that the savings reported after may 15, 2000 will not be entertained by the board because the auditor general of and finance division would not accept the surrender orders issued after May 15.

The CBR has also provided the form of "statement showing revised estimates 1999-2000 for regularisation of savings and excesses under demand No. 45-taxes on income and corporation tax for the year 1999-2000."