Tax planning is an important issue for individual to manage his tax expenditure. Every person always tries to keep his tax expense at a minimum level. For this reason one has to be very much updated, As rules & regulations of income tax changes in every year depending on economys requirements. Many changes have been done in income tax ordinance through finance Act, 2011. All the changes would be discussed in detail in the workshop. Moreover tax incentives and exemptions would be discussed so that one can maximize his benefit reducing tax liabilities. One real world case study would be represented during the session. Therefore, the training session will provide opportunities to learn for those who want to reduce tax liability and to avoid unnecessary litigation.
How participants will benefit from the course
The course will provide an overall idea of Income Tax Ordinance and related issues. After completion of the course, participants would be capable to keep their tax liability as minimum as possible by learning risk areas and by utilizing tax incentives in favour of them. An entrepreneur would be benefited knowing all the updated incentives packages. From the case study, they would learn how to calculate individual income, tax, tax rebate etc. and would be capable to prepare their income tax return by themselves.
Workshop topics to be covered:
Session 01: An overview of Finance Act, 2011
Charges in the Capital market
Recent changes through finance Act, 2011
Changes of deduction at source
Changes in the tax incentives
Changes in the CSR activities
Changes in tax rebate
Salient features proposed direct Tax Act.
Session 02: Different Heads of Income and Methods of Calculations
Salaries- how to calculate income from salaries.
Interest on securities- method of calculation
Income from house property- how to calculate income from house property
Agricultural income- how to calculate agricultural income
Income from business or profession- method of calculation
Capital gains- how to calculate capital gains, specially share capital gain.
Income from other sources- method of calculation
Session 03: Fiscal Incentives & Exemptions and Risk Areas
Income fully exempt from tax
Tax exemption in respect of foreign remittance
Tax rebate for individual assesses
Risk factor of universal self assessment
Not Admissible expenditure for Individual Assessee
Audit of universal self assessment
Real world Case study for Individual tax assessment
Session 04: Case study continued & Open floor discussions: