Changes of Income Tax in Budget, 2011 and Details of Direct Tax Act, 2012 (Proposed)
Honorable Finance Minister will place national budget, 2011 in the parliament on 9th June, 2011. Many changes of Income tax would be proposed in the coming budget. We all know that honorable Member of Parliament would pass the budget on 29-30th June. Before passing the budget, there is a scope to suggest necessary changes. If we all know pros & cons of the budget, we can propose necessary changes. In this workshop, all the changes of the income tax proposed in the national budget would be discussed. The participants would get an overall idea of the changes done in the income tax ordinance. They would be able to identify what changes would give best result for their respective organization or in grater sense for their sector.
Apart from this we all know that Direct tax Act, 2012 are available in NBR’s web site for public opinion. We all know that we need revenue friendly as well as taxpayer’s friendly direct tax system in our country. We all have to contribute to enrich the proposed direct tax draft. The proposed act consists of 257 sections and 10 schedules. So, it is very difficult and time consuming for the people to read the full text thoroughly to understand its similarities and differences with the existing ordinance.
The training program would analyze and discuss the existing ordinance and proposed draft critically and deeply so that participants can understand the two documents. Attending the workshop the participants would be able to contribute to the adoption of new Direct Tax Act, 2012 which would make new act friendly to them.
How participants will benefit after the course:
The course will provide an overall idea of changes of Income Tax Ordinance in the coming budget and also an in depth analysis and comparison of existing income tax ordinance and proposed Direct Tax Act, 21012. After completion of the course, participants would be updated and also would be capable to contribute to the adoption of new Direct Tax Act, 2012. An entrepreneur would be benefited knowing all the updated incentives packages. From the case study, they 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:
1. Changes of Income tax through Finance bill, 2011.
2. Income Tax ordinance, 1984.
3. Direct Tax Act, 2012 (proposed).
4. Basic features of two documents.
5. Comparison & contrast of the two documents.
6. Real world case study for tax assessment & open floor discussions.