Managing tax expenses is a core issue for any type of taxpayers. Tax expenses can be legally minimized through effective tax planning. As income tax is a progressive law and it changes in every year, so one has to be very much updated for discharging his duties and responsibilities as a tax planner. Participants would get an in-depth knowledge about tools & techniques of a tax planning. All the latest changes and incentives packages would be discussed during the training session. Therefore, the training session will provide opportunities to learn for those who want to reduce tax liability and to avoid unnecessary litigations.
How participants will benefit after the course:
The course will provide an in-depth knowledge of Income Tax Ordinance, 1984, Income Tax Rules, 1984, SROs, Finance Act of different years and Double Taxation Agreements (DTA). 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, participants would learn how to calculate taxable income, tax, tax rebate etc. and would be capable to prepare their income tax return by themselves.
Workshop topics to be covered:
An Overview of Income Tax
What is tax? Why should we pay tax?
History and legal foundation of income tax
Types of taxes
How a taxpayer could get a TIN?
Income year, Assessment year, salary, perquisite, profit in lieu of salary
Residential status of taxpayers and its effect on amount of tax
Charge of income tax
Charge of additional tax
Charge of excess profit tax
Changes of income tax in finance Act 2010
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
Calculation of taxable income under section 82C
Calculation of tax of a firm
Filling of return, hearing & assessment, appeal & references
Who should submit income tax return?
Procedure of assessment
Universal self assessment (S-82BB)
Risk area of universal self assessment
Not Admissible expenditure for Individual Assessee
Not Admissible expenditure for Corporate Assessee
What a tax payer should do if NBR audit his tax file?
What a tax payer should do if Central intelligent cell (CIC) inspects his tax file?
Spot assessment (S-82D)
Assessment in case of discontinued business (S-89)
Limitation for assessment (94)
How to write grounds of appeal
Tips for arguing appeal.
Appeal to the appellate tribunal
How to write grounds of tribunal
Tips for arguing in the appellate tribunal
Deduction at Source & Advance Payment of Tax
Time limitation of deposit of deducted tax to the treasury
Certificate of deduction, etc., of tax
Payment of tax where no deduction is made
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
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)
CSR (Corporate social responsibilities) activities
Avoidance of Tax
Double taxation agreements
UN model & OECD model
Important article of DTA
Penalties & prosecution
Penalty for non submission of return
Penalty for using fake TIN
Penalty for not displaying TIN certificate
Failure to pay advance tax (sec-125),
Penalty for non compliance with notice (sec-126)
Failure to pay tax on the basis of return (Sec-127)
Penalty for concealment of income (Sec-128)
Punishment for non-compliance of certain obligations (Sec-164)
Punishment for false statement in verification (Sec-165)
Punishment for concealment of income (Sec-166)
A real world case study on individual tax assessment and open floor discussion.