Management of income tax is a very tough issue for both individual & corporate assessee. To reduce tax liability one needs proper tax planning. Tax planning by nature is a very complicated issue. One has to be updated for appropriate tax planning. Because there are lots of changes done in Income Tax Ordinance, 1984 through Finance Act in every year. A number of changes have been done in income tax through Finance Act, 2011. All the changes including tax planning would be discussed in the workshop. So those who want their tax liability minimum, this workshop would be an appropriate solution for them.
How participants will benefit after 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. 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:
An over view of an income tax
Changes in the capital market
Changes in deduction at source
Changes in tax incentives
Introduction of return of withholding tax
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
A practical calculation of deduction at source from salary
Assessment under section 82BB that is universal self assessment
Risk factor for individual assessee;
Risk factor for corporate assessee;
Audit of universal self assessment;
Payment of advance tax & deduction at source;
Tax rebate for individual assessee;
Tax exemption in respect of foreign remittance;
Income fully exempt from tax;
Appeal, Tribunal, References and Alternative Dispute Resolution (ADR)
Penalty & Prosecutions
Case study continued & Open floor discussions.