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BSNS Consulting (Cost & Management Accountants)
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BSNS Consulting aims to provide accounting and related solutions to small business owners.
BSNS Consulting aims to provide accounting and related solutions to small business owners.

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Audit cases: Board-in-Council may approve procedure on September 10:
The Board-in-Council of the Federal Board of Revenue (FBR) is likely to approve procedure for carrying out computerised random balloting for selection of audit cases for Tax Year 2013 on September 10 (Wednesday). Sources told Business Recorder here on Tuesday that the FBR Member (Taxpayers Audit) is expected to give a presentation on the "Audit Policy 2014 for Tax Year 2013/Tax Period 2013". Besides other agenda items, Board-in-Council headed by FBR Chairman Tariq Bajwa would also discuss other policy issues next week. 

The Board wanted to select around 15 percent of the total tax returns for audit filed for the Tax Year/Tax Period 2013. The FBR has finalised the "Audit Policy 2014 for Tax Year 2013/Tax Period 2013." Under the new policy, the cases for audit shall be selected through random computer balloting up to the extent of 15 percent of total returns of taxpayers filed for the Tax Year/Tax Period 2013. 

The random computer balloting for selection of cases for audit would be carried out separately under the Sales Tax Act 1990, Income Tax Ordinance 2001 and Federal Excise Act, 2005 and the whole process to be based on the laid down guidelines. Every taxpayer cannot be audited due to time/resource constraints. Selection of cases for audit is a significant feature of any Audit Policy, as segregation process needs logical grounds in the form of identification of risk areas and determination of the basis for audit through a transparent and fair process, sources added. 

Copyright Business Recorder, 2014

For further Infomraiton and to contact us visit : www.bsnsconsulting.com
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The Securities and Exchange Commission of Pakistan (SECP) is in the process of introducing the concept of limited liability partnership (LLP) in Pakistan.
"It is being done in collaboration with other stakeholders. In the initial stage, the SECP has approved a concept paper on LLP in Pakistan, which has been placed on its website to help raise awareness and solicit public and stakeholders comments", says a statement issued by the Commission here on Thursday.
Introducing the LLP as a new business structure will fill the gap between business firms such as sole proprietorships and partnerships, which are generally unregulated and limited liability companies that are governed by the Companies Ordinance, 1984.
In addition to an alternative business structure, the LLP would act as a step towards documentation of the economy and will convert an informal, unregistered, and unregulated sector into a formal and regulated regime.
The SECP has initiated a comprehensive advocacy and consultation campaign that will include holding awareness and consultative sessions/conferences, road shows and media campaign etc.
The timing of the advocacy and consultative campaign is significant, because the SECP is in the process of drafting the LLP law in collaboration with other stakeholders and as a first step in that direction.
For detials Visit: http://bsnsconsulting.com/files/ConceptPaper_LLP_20140827.pdf
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Federal Board of Revenue is pleased to extend the date for filing of Returns of Total Income/Statement of Final taxation which is due on 31st August, 2014, to 30th September, 2014.
For Furthur Details Visit: www.bsnsconsulting.com
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Diagnose Your Decisaion: >http://www.bsnsconsulting.com/
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BSNS CONSULTING's Taxation Services.
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Check BSNS CONSULTING's Website @ www.bsnsconsulting.com
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