Tax expense, particularly income tax is a core issue on the part of the management of corporate houses. It equally affects individual taxpayers. So tax planning and management becomes a major concern on the part of all types of assesses. Every person either individual or corporate body always tries to keep his or its tax expense at a minimum level and therefore requires good tax personnel to deal with taxation matter very effectively & efficiently. But, as a matter of fact, understanding of income tax is not very easy, as it is by nature very technical & complicated. So it needs in-depth knowledge and clear conception to discharge duties and responsibilities on the part of tax practitioners, advisers or tax personnel.
All the important sections, rules, SROs with their latest changes and Double Taxation Agreements (DTA) would be discussed during training session. Not only the techniques of facing universal self audits, but how to face Central Intelligent Cell (CIC) officials as well as techniques of deduction at source would be discussed during training sessions. Procedure of claiming refunds, avoiding of penalty & prosecutions, facing of 93/120 and orthodox inspection would be discussed in details. Tips of winning in the appeals & appellate tribunals also would be discussed. Therefore, the training session will provide opportunities to learn for those who want to reduce tax liability and to avoid unnecessary litigation.
The course is designed in such a way that participants would get primary, structured knowledge as well as in-depth knowledge. After completion of the course participants would be able to answer many of their queries by themselves and protect their business & industries as well as themselves from many troubles and litigation.
How participants would be benefited:
The course will provide primary as well as 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 able to
Develop general knowledge regarding all aspects of income tax;
Find solutions to many of their queries by themselves;
Avoid penalty & prosecutions;
Develop future career as ITP, tax consultant and tax managers.
Protect their organizations from many future troubles.
Run their organization in far better way.
Workshop topics to be covered:
Session 1: An overview of changes of income tax through Finance Act, 2012
What is tax? Why should we pay tax?
Income year, Assessment year, salary, perquisite, profit in lieu of salary
Recent changes through Finance Act, 2012;
Whitening of black money (Voluntary disclosure of income (Sec-19E);
Changes of definition of capital asset & salary;
Restriction of loan & gift (Sec-19(21) & 19(28));
Different changes done in sec 19;
Restriction of allowable interest of HBFC from total income (Sec-25(g));
Restriction of cash transaction: introduction of new clauses in sec-30: 30(l) & 30(m);
Changes in tax holiday scheme;
New introduction of deduction at source (TDS);
Punishment introduces for not complying sec-75A;
Changes in submission of company return (Sec- 75(d));
Changes in universal self assessment (Sec-82BB);
Changes in sec-82C, 93 and 94;
Session 02: Recent changes through Finance Act 2012 (contd.)
Changes in ADR (Sec-152);
Changes in appeal (Sec-153(3));
Changes in the mode of service of notice (Sec-178);
Changes in the requirement of TIN;
Introduction of Temporary Registration Number (TRN);
Changes in 6th Schedule Part A & Part B;
Introduction of Transfer Pricing: A detailed discussions;
Session 3(a): Different heads of Income and methods of calculation
Salaries- how to calculate income from salaries? How to fix deduction at source from salary?
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-3(b): Filling of return, hearing & assessment
Who should submit income tax return?
Filling of revise return
Universal self assessment (S-82BB)
Tax on income of certain persons (S-82C)
Spot assessment (S-82D)
Assessment in case of discontinued business (S-89)
Assessment in case of persons leaving Bangladesh (S-91)
Assessment in case of deceased person (S-92)
Assessment in case of income escaping assessment, etc (S-93)
Limitation for assessment (94)
3 (c): Miscellaneous
Audit of universal self assessment
Risk factor of universal self assessment
Not Admissible expenditure for Individual Assessee
Tips for filing assets & liability Statements (IT-10B)
Tips for filing IT-10BB
Income fully exempt from tax (6th schedule part-A)
Tax exemption in respect of foreign remittance (SRO-216)
Tax rebate for individual assesses (6th schedule part-B)
Session-4: A real world case study on individual tax assessment and open floor discussion.
Session-5: 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;
Payment of tax on the basis of return
Session-6(a): Income from business or profession:
Allowable expenditure for corporate assessee;
Not allowable expenditure for corporate assessee;
Set off and carry forward off loses;
Risk factor for corporate assesssee u/s 82BB;
6(b): Tax holiday & Fiscal incentives:
Tax holiday for industrial undertaking;
Tax holiday for physical infrastructure;
Tax holiday in EPZ.
Corporate Social Responsibilities (CSR)
Session-7(a): Appeal & references
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
Revisional power of commissioner (S-121A)
Alternative Dispute Resolution (ADR)
7(b): Penalty, offence & 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)
unishment for false statement in verification (Sec-165)
unishment for concealment of income (Sec-166)
7(c): Avoidance of tax
Double taxation agreements
UN model & OECD model
Important article of DTA
List of DTAs
Surgery of section 93 & 120
Time limitation in Income Tax Ordinance
Tips for orthodox Inspection
What a tax payer should do if Central intelligent cell (CIC) inspects his tax file.
What a tax payer should do if Tax inspection directorate inspects his tax file.
What a tax payer should do if his case is audited by NBR
Session-8: A real world case study on company tax assessment and open floor discussions.