Latest news with #Rs3.5
Business Recorder
2 days ago
- Business
- Business Recorder
LTO Karachi posts record Rs3.5trn revenue with 29pc growth
KARACHI: The Large Taxpayers Office (LTO) Karachi has achieved a historic milestone in revenue generation, collecting a record Rs3.5 trillion with 29% growth in the outgoing fiscal year. In an unprecedented single-day collection, LTO Karachi has collected Rs. 184.7 billion, establishing a new record, underscoring the office's operational excellence and enhanced tax collection capabilities. The LTO's exceptional performance continued throughout June 2025, with monthly collections reaching Rs. 449.05 billion - a remarkable 48% increase compared to the same period last year when collections stood at Rs. 302.83 billion. LTO Karachi recovers record-breaking Rs31bn outstanding taxes: FBR The most significant achievement came with LTO Karachi crossing the Rs. 3.256 trillion annual collections for fiscal year 2024-25, marking a robust 29% growth over the previous year's Rs. 2.515 trillion. This milestone represents one of the highest annual collection figures in the LTO's history. Chief Commissioner Zubair Bilal, who spearheaded these record-breaking achievements, played a pivotal role in reaching this monumental landmark for LTO Karachi. The revenue breakdown revealed income tax as the dominant contributor with Rs. 1.818 trillion annually, followed by sales tax collections of Rs. 1.301 trillion, and federal excise duties contributing Rs. 222.2 billion. Officials at LTO Karachi attributed these unprecedented achievements to their fantastic team, emphasising the collaborative effort and dedication that made these historic numbers possible. The synchronised performance across different tax streams reflects the office's enhanced organisational capacity and systematic approach to tax collection. Copyright Business Recorder, 2025
Express Tribune
6 days ago
- Business
- Express Tribune
Low funding to spike varsity fee
Facing financial constraints in pursuing research and development projects, several big government universities in Lahore are considering a hike in their fees. According to the budget documents, the Punjab government has allocated Rs18 billion for the 51 public sector universities in the province for the coming year. As compared to that, the Sindh government has allocated Rs42 billion for its 32 universities. The government universities in Punjab, especially the large institutions, may face problems in promoting research and development because of shortage of funds. Sources in the higher education sector said the big government universities in Punjab were already facing shortage of funds and are now thinking about increasing their tuition, examination, hostel and transport fees from the coming academic session. On the other hand, university teachers say the government should increase the budget to avert a financial crisis for the institutions. The administrations of the universities are also concerned about the impact of the low allocation of funds on their thousands of students. An increase of about 20 per cent in the fees would result in a large number of students finding higher education unaffordable. Some government university student groups were already protesting against increase in fees. The Punjab University, University of Engineering and Technology, Bahauddin Zakaria University and Government University Faisalabad were already by increasing their fees ilarecent years. The sources said the Punjab University had been allocated Rs70.8 million in the budget for the coming year, while Sindh government has allocated Rs3.5 billion for Karachi University. About 54,000 students are enrolled at Punjab University, while the number in Karachi University is 45,000. "The universities in the world are only recognised due to research activities and contribution but what can we do when there is shortage of funds," said Dr Munawar Sabir, a Professor of Punjab University. He said the university had faced delay in salaries last year the situation might worsen now, making university education more difficult for the middle class. He said most of the students of the government universities were from remote areas and poor families who could not afford expensive education, but it would be difficult to run the government universities without increasing the fees. The Federation of All Pakistan Universities Academic Staff Association has also expressed concerns over the budget allocations and its members have also tried to persuade Punjab government to increase the funds for the public sector universities. FAPAUSA President Dr Amjad Magsi said the teachers were disturbed over the low budget allocation for the universities. He said grants from the Punjab government were essential for the universities to meet their research, development and operational costs. He said it was already difficult for the universities to function effectively with itching their financial allocations. Better funding is critical not only for sustainability but also for maintaining global standing. Punjab University has been ranked among the top 5.2% universities in the world, according to the independent Centre for World University Rankings (CWUR). Sustaining and improving this position requires strategic investment in faculty, research infrastructure and student support systems, he said. The leader said the association had also voiced concern over the federal government's proposal to withdraw the existing 25% income tax exemption for teachers and researchers, warning that such a move would discourage research, innovation and knowledge production, which were pillars of progress.
Time of India
25-06-2025
- General
- Time of India
Lost & found cases surge at Metro, over 450 items returned so far this year
Nagpur: In the first six months of 2025, the Nagpur Metro has returned over 450 lost items to passengers, signalling another busy year for its Lost and Found Cell. With over 1,290 misplaced items handled in 2024 — a 161% rise from 2023 — the metro system continues to see a sharp increase in forgotten belongings as ridership grows, as reported by TOI on January 28. According to MahaMetro officials, the variety of items left behind ranges from routine objects like mobile phones and wallets to unexpected entries such as bicycles and cricket bats. In 2024, mobile phones topped the list with 171 handsets reported missing, followed by 125 tiffin bags, 91 umbrellas, and 58 college bags. Even smaller gadgets like earpods (16) and watches (14) were logged. "Most items are left on train seats or found around station platforms and escalators," said a senior MahaMetro official. "The rush during peak hours often causes passengers to forget even large items like bicycles." In 2025, the trend appears to continue. By June, over 450 lost items were already recovered and successfully returned to their rightful owners. Notable recent cases include the return of a bag containing Rs3.5 lakh cash left at Cotton Market station, and another bag with gold ornaments worth Rs1 lakh. With a network of 38 Metro stations and daily ridership crossing one lakh, Nagpur Metro's Lost and Found Cell now sees an average of more than three misplaced items per day. In 2024, 764 of the 1,290 items were successfully returned to their rightful owners, showing the system's growing efficiency. Officials note that increased ridership and growing trust in the Metro system may be contributing factors to the rise in reported lost items. "We treat every lost item seriously, no matter how big or small," the official said. Commuters can report lost items at station customer care centres, via the Nagpur Metro app, or by calling the helpline numbers: 1800-270-0557 and 741-000-4333. Items found by other passengers can also be handed over to metro staff.
Express Tribune
25-06-2025
- Express Tribune
Another luxury vehicle recovered in Rs50m maid theft case
Listen to article Police investigating the high-profile case of a domestic worker accused of stealing over Rs50 million from her employer recovered another luxury vehicle on Wednesday, bringing the total value of assets traced so far to over Rs10 million. According to Saeed Theem of the Special Investigation Unit (SIU) Clifton, the latest recovery — a car worth an estimated Rs2.5 to 3 million — was made on the basis of information provided by the suspect's son, who is in police custody. The accused, Shehnaz, had been employed for 14 years at a residence in Khayaban-e-Tanzeem, Defence Housing Authority, where she allegedly stole cash, jewellery, and other valuables in small increments without raising suspicion. She was taken into custody earlier this week following a complaint filed by her employer, Anusha Jaleel. During a search of her residence, police recovered Rs600,000 in cash, while two of her bank accounts held deposits totalling Rs3.5 million. Investigators also identified a flat in the Gizri area registered in Shehnaz's name, along with three cars and a motorcycle, all allegedly purchased using stolen funds. Read More: Maid who allegedly stole Rs50m over 14 years arrested The lifestyle funded through these illicit earnings included high-end shopping, luxury vehicles, and branded clothing, according to police. Officials stated that steps have been initiated to seize the assets acquired. Meanwhile, Shehnaz was presented before a judicial magistrate on Wednesday along with her son, Asif, and another suspect, Hammad. The court remanded all three into police custody for further interrogation. Investigators told the court that the accused operated as part of an organised group, and that Shehnaz had gifted a car to her friend Naseema and a motorcycle to her husband, Mohsin — both of whom are currently absconding. From Shehnaz, police have recovered a vehicle and over Rs3.4 million in cash. Another vehicle and Rs200,000 were recovered from Asif, while Hammad was found in possession of a motorcycle. Authorities believe additional vehicles and assets are yet to be recovered. The case, registered at Clifton Police Station, remains under investigation. The court has directed police to submit a progress report by June 28.
Express Tribune
24-06-2025
- Business
- Express Tribune
'People's expectations fulfilled'
City Mayor Barrister Murtaza Wahab on Tuesday presented the Karachi Metropolitan Corporation (KMC) budget for the fiscal year 2025-26 in the City Council. Deputy Mayor Karachi Salman Abdullah Murad and Municipal Commissioner S.M. Afzal Zaidi were also present. During his budget speech, the mayor stated that the decisions made over the past two years for the improvement, development, infrastructure restoration, and removal of encroachment in Karachi - along with the renovation of the city's historical buildings - are now producing visible results. He emphasised that difficult decisions were made to serve people in better ways. Parliamentary leaders, opposition leaders, and council members also offered suggestions and shared their views on the budget. The 2025-26 budget includes development projects selected in consultation with honorable council members, reflecting the commitment to work for the broader and long-term interests of the city. He said, every effort has been made to fulfill the expectations people. Presenting the highlights of the budget the mayor said that KMC employee salaries have been shifted to the World Bank's SAP system. Retired employees' pensions will also be integrated into SAP next, ensuring timely payments and tamper-proof records. He said, Municipal Utility Charges & Taxes (MUCT) collection through K-Electric bills has resumed, with Rs1.7 billion collected so far this year. Next year, up to Rs3.5 billion is expected to be collected, which will aid infrastructure improvement and KMC's financial self-sufficiency. Development without discrimination was carried out in all seven districts, including, A 1.5 km road connecting Lyari to the port and shipyard (Rs56 million), overlay and patchwork on both tracks of Hub River Road (180,000 ft), repairs and carpeting of Malir River Bridge and adjacent road from Anwar Baloch Hotel to Murghi Khana Bus Stop. Construction of a 1.4km overhead bridge on Korangi Causeway. He said Long-pending dues of retired and deceased KMC and DMC employees were addressed. KMC, through its own resources, paid Rs600 million and cleared all dues up to June 2018. Through investment, Rs576 million was earned and a total of Rs1.3 billion was disbursed. He said KMC is the first municipal body in Pakistan to begin converting its buildings to solar energy. Rs220.2 million has been allocated for this in the upcoming fiscal year, with plans to solarise markets, parks, and streetlights. He said renovation of Denso Hall, Khaliq Dina Hall, KMC Building, and Frere Hall has been completed. Next year, six more historical structures - including Empress Market, Muhammad Ali Hothi Market, Machhi Miani Market, and Lea Market - will be restored to their original form.
