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    The accounts of FLAME are kept in scheduled banks, i.e., PICIC Commercial Bank Limited. Surplus funds of the organization above 25% of its budgeted expenditure were kept in Six Months Short Term Deposit of the PICIC commercial bank.

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    The accounts of FLAME are kept in scheduled banks, i.e., PICIC Commercial Bank Limited. Surplus funds of the organization above 25% of its budgeted expenditure were kept in Six Months Short Term Deposit of the PICIC commercial bank.

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    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
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    5 views1 page

    Word Files Tax Exemption Commissioner I.T

    Uploaded by

    api-3700469
    The accounts of FLAME are kept in scheduled banks, i.e., PICIC Commercial Bank Limited. Surplus funds of the organization above 25% of its budgeted expenditure were kept in Six Months Short Term Deposit of the PICIC commercial bank.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
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    of 1

    Dated: October 9, 2007

    The Commissioner Income Tax,


    Company Circle,
    I – 8 Markaz,
    Islamabad

    Subject: Tax Exemption for Friends of Literacy and Mass Education (FLAME)

    Dear Sir,

    Our replies to Income Tax Department queries regarding Rule (213) (1) (g) (h) (i) of
    the Income Tax Rules, 2002, are as follows:

    (213) (1) (g)


    The accounts of FLAME are kept in scheduled banks, i.e., PICIC Commercial Bank
    Limited.

    (213) (1) (h)


    No changes are made in the Memorandum & Articles of Association, By-Laws of
    FLAME without the prior approvalof the Commissioner (Income Tax).

    (213) (1) (i)


    Surplus funds of the organization above 25% of its budgeted expenditure were kept in
    Six Months Short Term Deposit of the PICIC Commercial Bank because of the need
    to encash the same as and when required to meet the unexpected expenditure for the
    opening of new schools and vocational training centers. This kind of encashment
    facility is not available in case of Government Securities. However, we will comply
    with this condition as and when we have enough surplus.

    Thanking You

    Yours Faithfully

    Ambassador ® Mansoor Alam


    Chairman - FLAME

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