There are many heads of deduction at source. These are 43 in number. These are simple!! but most of them are confusing. Corporate body has to deduct exact amount of source tax. If they deduct more, deducted party would be loser, if they deduct less, they themselves would be loser. So deduction at source is a very critical issue for corporate tax planning. On the other hand, rules & regulations of income tax changes in every year depending on economys requirements.
All the 43 heads of deduction at source will be explained in detail during training session. Moreover, there would be an open discussion session where recent issues and latest changes of law will be discussed. Therefore, the training session would provide opportunities to know pros and cones of deduction of source tax. I hope after training, participants will be more equipped and be able to deduct exact amount of source tax.
How participants would be benefited
The course will provide overall ideas of advance payment tax and source tax. After completion of the course, participants would be capable of deducting exact amount of source tax. Moreover, participants would be more equipped knowing latest provisions of law as well as provisions of corporate social responsibility and avoidance of double taxation agreement.
Workshop topics to be covered:
An overview of Income tax
Definition of tax? Why should we pay tax?
Important terms & definitions;
Recent change in the tax rate;
How tax influences business?
Types and classification of tax;
Authorities of tax.
Deduction at source and advance payment of tax
Procedure of Deduction or Collection of Tax at Source (All the 43 Heads)
Heads of withholding;
Withholding rate/rates of tax;
Limitation of withholding;
Payment to Government of tax deducted;
Time limitation of deposit of deducted tax to the treasury
Certificate of deduction, etc., of tax
Credit of deducted or collected at source
Payment of tax where no deduction is made
Procedure of deduction or collection of tax at source (Contd.)
Installments of advance tax;
Estimate of advance tax;
Advance payment of tax by new assessee;
Failure to pay advance tax, etc;
Consequences of failure to deduct, etc;
Punishment for failure to deduct and to collect advance tax
Open discussions on latest provisions of law including CSR activities and Avoidance of double taxation agreements