About Workshop
(Including the changes brought by finance Act 2009-2010)
Tax expense, particularly income tax is a major issue on the part of the management of corporate body. It also equally affects personal and individual Taxpayers. Under the circumstances, TAX administration and planning becomes a major concern on the part of all types of assesses. Every assessee 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 and efficiently. But, as a matter of fact, understanding income tax is not a very easy task since it is by nature very technical. So it needs careful study to discharge duties and responsibilities on the part of TAX practitioners, advisers or TAX personnels. Through an effective and wise TAX planning, a corporate body can save a lot of money during the financial year and can also avoid many unnecessary litigations. Therefore the present training session on Tax practice will provide means and opportunities to the participants to easily comprehend the matter and to use the knowledge, in their day-to-day official life.
Workshop topics to be covered:
Session One
Topic 1: Income Tax & Some Definitions
1. Income Tax Ordinance, 1984 (Manual-I)
2. Income Tax Rules, 1984 (Manual - 2)
3. Finance Act of each year
4. Different SROs and Circulars issued by NBR
Topic 2: Deduction/Collection of Tax at Source and Advance Payment of Tax
1. Summary of Deduction/collection of Tax
2. Mode of payment of Tax
3. Consequences for failure to pay advance Tax
4. Payment of Tax as per return
Session Two
Topic 3: Corporate Income Tax
1. Return Submission
2. Assessment on the basis of Certificate of Chartered Accountant
3. Self-assessment for private limited companies
4. Final settlement scheme (section 82C)
5. Allowable Expenditures
6. Advance payment of tax
7. Fiscal Incentives
8. Charge of additional tax (section 16B)
9. Charge of excess profit tax (section 16C)
10. Charge of dividend distribution tax (section 16)
Topic 4: A Review of Incentive Package Available under the Income Tax Law
1. Tax holiday
2. Acceptance of investment without question
3. Tax Exemption in respect of Foreign Remittance
4. Self Assessment Scheme
5. Incentives for Salaried Persons
6. Tax Rebate incentive for assesses being resident
7. Income Fully exempt from Tax
8. Depreciation Incentive for industrial undertaking
9. Tax incentive for listed companies
10. 50% of income of export oriented companies are exempted from taxes
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