Executive Training on Individual & Corporate Tax Planning
|Held on : 13 - 14 July 2012|
|Venue : Bdjobs Training, BDBL Building (Level 19), 12 Kawran Bazar C/A, Dhaka 1215.|
|No. of Participants : 25|
|No photos found|
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;
• Miscellaneous changes.
• New SROs
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.
|Md. Abdul Latif
Mr. Md. Abdul Latif, additional commissioner of taxes, National Board of Revenue, has more than eighteen years of extensive experience in the are of taxation both in the field level and national policy making level. Currently he is working in the inspecting range-01, Taxes zone-13, as an inspecting additional commissioner of taxes and supervises assesment of taxes. Before that Mr Latif was first secretary (income tax plicy) in the National Board of Revenue (NBR) and assisted to formulate tax policy for the nation.
Mr. Latif was the Joint Director General of Central Intelligent Cell (CIC) in the National Board of Revenue (NBR) and specially trained by IRS and FBI , USA for detecting financial fraud. He also worked as a deputy secretary (legal) in the Truth and Reconciliation Commission. Mr. Latif is recognized as an expert in Avoidance of Double Taxation negotiations and represents Bangladesh on Avoidance of double taxation negotiation with UAE and Kuwait.
Mr. Latif is a BUET graduate, having post graduation from Australia in professional Accounting, is always very enthusiastic to spread his knowledge and experience with the general people of the country. As a result this multi-talented personality has become one of the most veteran training professionals in Bangladesh in the field of taxation. He has conducted a number of training programs in BCS Taxation Academy , Bangladesh Public Administration Training Center (BPATC), Savar and many other leading training institutions. He is also an Assistant Professor (part time) of the Brac University and teaches fiscal law. He received several overseas training on direct tax in USA , Australia , Malaysia , Indonesia , Thailand and India .