How Do You Fill-up Your Income Tax Return and Wealth & Liability Statement ? - Some Valuable Tips
An Overview of the Training:
30th September is coming. Most of the income taxpayers are worried. They are going to their friends who know how to fill up income tax return? Those who are high income group are seeking advice from their income tax advisers. Some are buying costly gifts for their tax adviser so that after eid they keep a slot for them. Dont be worried. Just attend the workshop, make fun and learn how to fill up income tax return. It would be an investment for your career as well as it gives you sound sleep. Some special tips other than income tax Ordinance 1984 (!) would be discussed during the workshop which keep your tax liability as minimum as possible and which keep your return out of audit.
How participants would be benefited:
The course will provide an in-depth knowledge of Income Tax Ordinance, 1984, Income Tax Rules, 1984, SROs, Finance Act of different years, Double Taxation Agreements (DTA) and some real world tips. After completion of the course, participants would be capable to handle their tax related issues more effectively & efficiently. Double Taxation can be avoided by knowing ins and outs of DTAs. An entrepreneur would be benefited knowing all the updated incentives packages. From the real world case study, they would learn how to calculate taxable income, tax, tax rebate etc. and would be capable to prepare their income tax returns by themselves.(NB: Please come with a calculator and your income tax record)
Workshop topics to be covered:
Session- 1(a): An overview of income tax
What is tax? Why should we pay tax?
Income year, Assessment year, salary, perquisite, profit in lieu of salary
Residential status of taxpayers and its effect on amount of tax.
How can you get a TIN?
Charge of income tax
Tax rebate for more income in highest slab
Charge of additional tax
Charge of excess profit tax
How can you close your tax file?
1(b): Different heads of Income and methods of calculation
Salaries- how to calculate income from salaries?
Income from house property- how to calculate income from house property?
Agricultural income- how to calculate agricultural income?
Capital gains- how to calculate capital gains?
Calculation of capital gain from share business
Income from business or profession-how to calculate business or professional income?
Other sources of income especially income from savings certificate
Session 2: filling of return, hearing & assessment and risk areas
Who should submit income tax return?
Filling of revise return
Procedure of assessment
Universal self assessment (S-82BB)
Spot assessment (S-82D)
Risk areas of universal assessment
Not Admissible expenditure for Individual Assessee
Not Admissible expenditure for Corporate Assessee
Tips for filing assets & liability Statements (IT-10B)
Tips for filing IT-10BB
What should a tax payer do if his tax file is audited by NBR
What should a tax payer do if Central intelligent cell (CIC) inspects his tax file?
What a tax payer should do if Tax inspection directorate inspects his tax file
Session-3(a): Fiscal Incentives & Avoidance of tax
Income fully exempt from tax (6th schedule part-A)
Tax exemption in respect of foreign remittance
Tax rebate for individual assesses (6th schedule part-B)
Double taxation agreements
UN model & OECD model
Important article of DTA
Session-3(b): A Real world case study and open floor discussion
Session-4: Fill up ones own real return by oneself. Question & answer and feedback