Saturday, June 30, 2018

Market Value vs Cost Declaration of Properties in Tax Returns

Why variations in property value declarations in nomination papers?
Do u know property is declared for tax purposes at its purchase value, also known as book value? 
500yds DHA plot bought in 1990 for (say) 3 lacs is declared at 3 lacs, not its current market value which can be 3crores!
Rationale: Will you pay tax every year for property value appreciation? What if your property depreciates? Will you ask for tax credit? What scams will this fluctuations and adjustments may cause? What about fluctuations in stocks?
Hence, capital gains tax is only levied at the time of sale of the asset, when sale price is subtracted from purchase price. The difference becomes capital gains, and is taxed as Capital Gain Tax.

Property or land will be declared as per purchase value as well as current value in Election Commission assets declaration both, but only purchase value (at the time of purchase) will be provided in Election nomination papers. Also there is only property tax no wealth tax as of now, but we need to submit wealth statement with tax returns, property tax is provincial tax not federal.

As per IFRS and GAAP all properties supposed to be disclosed at cost or market value which ever is lower. Any depreciation needs to adjusted in balance sheet, but not enhance in the market value. So it should be at cost.

Neocolonialism and Indian Agenda for Pakistan

Neocolonialism and Indian agenda for Pakistan consists of the following points that they use their stooges in Pakistan to promote:
  1. FATF restrictions on foreign trade. Further throttle whatever exports remain. Check!
  2. Convert CPEC from "game changer" to "game over" (in progress)
  3. Convert Positive sentiments into negative sentiments for outlook on Pakistan's Economic Progress. Check!
  4. Change the election discourse from competition on development to competition on muck throwing (libel, slander, invectives). Check!
  5. Stultify growth in domestic sectors by stopping investments in high growth industry and real estate sector. (in progress)
  6. Convince world powers that Pakistan is not a democracy and is being controlled. Check!
  7. Keep Pakistan perpetually destabilized and perpetually developing and perennially in ICU, and for ever dependent on WB, IMF,.. .
  8. Make provinces fight against each other. Create conditions where people turn against state. (in progress)
  9. Stop urban centers from becoming lively and engines of growth and keep them as ghettos that are dirty, violent, and unlivable.
  10. Stop and stultify the vibrant and emerging social sector and government partnerships in health, education, poverty alleviation and environment.

Thursday, June 14, 2018

Dr Muhammad Mahmud of IBA: A Self-made Industrious Faculty Member

Dr M Mahmud expired early morning of July 12, 2018. Inna lillah e wa inna ilaihi rajioon. May Allah reward him with the best of abodes in the hereafter. Aameen. Allah blessed him with 27th Ramazan night to start this journey.

He was an alumnus of IBA. His association with IBA started in 1967-68 in the accounts section and extended for over 40+ years. At the time of death, he was associated with IoBM as faculty and professor of finance and accounting department. He had been at IoBM for the last several years, and had also been HoD of Accounting and Finance department. As Dean, I found him to be diligent, conscientious professional who would take all his responsibilities seriously.
Dr Muhammad Mehmud (d. 2018)

Wednesday, June 13, 2018

Is Pakistan under a Judicial Martial Law? CJMLA parallel with CMLA

What is common between Chief Martial Law Administrator (CMLA) and a Chief Judicial Martial Law Administrator (CJMLA) or a Chief Executive Martial Law Administrator (CEMLA)?
"A creeping coup has taken place against the authority of the civilian government. The coup has taken place very quietly before the election," Mr Farhatullah Babar said in a seminar [1]. "It is different from the martial law of the past, with two resulting outcomes: the civilian government exists, but has no authority; press freedom exists, but journalists have no freedom."

This "creeping coup" is defined by this post as a Judicial Martial Law, a term which was formally demanded by Shaikh Rashid [2] on March 23, 2018. Despite pretensions to the contrary by the Chief Justice to have burred the Doctrine of Necessity [?], the scope creep of suo-motto notices across all organs of state and government demonstrate otherwise. This post argues that currently we seem to be under a Judicial Martial Law because the scope-creep of suo-motto has gone beyond the limits of the constitution and is now exhibiting the prominent distinctive attributes of a conventional army led martial law. The common attributes shared by the two versions of martial law include arrogation of the powers of the three pillars of the democratic state into a single person along with usurpation of the constitutional rights of due process of law and freedoms, specifically the right of expression, and a travesty of justice through an arbitrary and discretionary application of law and constitution through selective judgments that are contradictory to each other. 

Express news of March 23, 2018

Lesson from Decade of Development of Dictator Gen Ayub Khan: Development without People Representation

Do we want to build yet another big dam without building consensus among all the affected provinces? Do we again want to forget the disastrous consequences in our history when development projects were steamrolled without people's consent? We see in our media yet another drive to hammer the benefits of Kalabagh Dam (KBD) while relying only on technical feasibility data and completely ignoring the real reason for opposition, namely, the trust-deficit of the smaller provinces as explained in the linked post. This post reveals the reality of Gen Ayub's construction of seven dams during 1960s, which is being used to heap accolades on the role of dictator in Pakistan's development. The use of this approach in support of KBD is again going to be a recipe for disaster and alienation if we fail to  understand that "a nation that forgets history is forgotten by history!" Our history tells us that development projects of the 1960s, which were forced down the throat of the people without their representation, had led to disastrous results. The case of seven dams built in West Pakistan during 1960s which is being promoted on the social media as a great gift of dictator Gen Ayub Khan to Pakistan was one of the greatest disservice done to Pakistan. The naive dictator, caught in the spell of his neo-colonial handlers, may have been hoodwinked into believing with good intentions that "big" development projects benefit the people. However, the grandiose development projects ended up confirming the suspicion of Bengalis of East Pakistan that they were being disenfranchised by West Pakistanis. The development was a ploy and its visible concentration only in the West, was only designed to benefit the West Pakistanis. This feeling of injustice and disenfranchisement exploded when Gen Yahya, another military dictator from West Pakistan, refused to handover the power to Awami League, the political party from East Pakistan led by Shaikh Mujeeb that had won the 1970 elections. This led to mass protests in East Pakistan, followed by a brutal army operation, which finally culminated in secession of East Pakistan in 1971 as Bangladesh.

Monday, June 11, 2018

A Tribute to Cricket for Spearheading my English Language Acquisition - Sports and Language Learning

I often see parents worrying about language skills of their children. A closer look at the hobbies of such children will indicate that they are not passionate about any hobbies especially sports. Here I would detail the role of cricket in spearheading my English language acquisition.  As my interest grew, with cricket and started following the cricket there were some milestones.

[Work in Process]
Coming soon

Sunday, June 10, 2018

Role Model of Forthrightness, Calm and Resourcefulness: Daud Khaloo

I can still hear the distinctive sound of Daud Khaloo's Java motor cycle coming from afar in 1970s calm and quiet  Khawaja Nazimuddin Road portion of F-6/4 of Islamabad near China Chowk. It was the time when Shahrah-e-Quaid e Azam and the adjoining buildings  now known as the Blue Area had not yet been constructed, nor were there any high rises on Khawaja Nazimuddin Road.  The putt-putt of the Java motorcycle would announce his coming with Good Beti (Khala Jan) from the small bridge near our house in those clear, serene times of Islamabad. My mother and father would start issuing instructions on hearing this announcement to prepare for their reception.
Jawa motorcyle like this was brought by Daud Khaloo from USSR

Thursday, June 7, 2018

Sardar Mamoo - Reliance and Tawakal on Allah- Life is to give and not to take

"Shah M Mubeen ur Rehman known in the family as Sardar was my ماموں  and veteran of wars of 1965 and 1971 (Baluch Regiment) and passed away with metastatic cancer in 1992. He along with his brother Shah M Ismail, served as رضا کار during Hyderabad Indian army action in 1948 and narrowly escaped death at the hands of Indian military. His older brother Shah M Farid ur Rehman was also a volunteer and was martyred during the migration following the partition of India, when the train he was travelling in was cut and the passengers were lynched by the mobs. His body was never found. An acquaintance who was sent to search for Farid Mamoo reported that he saw a body matching the description of the jacket that he was wearing.

Sunday, June 3, 2018

Kalabagh Dam Use for Inciting Smaller Provinces against Federation-Technical Feasibility vs Trust-Deficit Issue

The opposition for big dams like Kala Bagh Dam (KBD) originates in smaller provinces from the same concerns and mistrust that we have for India building big dams up stream on Indus because it hurts Pakistan's lower riparian rights when the water is diverted away from us without our consent and approval. It is primarily a trust-deficit problem and is not technical or financial feasibility problem that many people typically think.