Taxation Management Course

1

INCOME TAX

• Introduction to Income Tax, Sales Tax & Provincial Sales Taxes
• Developing an understanding of Heads of Income
• Concept of Resident & Non Resident
• Computation of taxable income under the heads:

·

• Salary
• Business Income
• Property Income
• Capital gain
• Income from Other sources

2

INCOME TAX

Withholding Tax Introduction

Withholding of tax on

Salary

Payments for goods

Payment for Services

Payments against Contracts

Payment of Rent

Payment of Dividend

Advance Tax Collection

Returns and statements filing requirements and deadlines

3

INCOME TAX

• Registration with FBR with a practical interface
• Filing of Income Tax Return practical interface

• Individual/AOPS
• Companies
• Filing of Withholding Statements & Annual Employer Statements practical interface

4

INCOME TAX

• Concept of Assessments & Types of Assessments

·

• Original assessment u/s 120
• Best judgment assessment u/s 121
• Amendment of assessment u/s 122

· Books of Accounts

· Audit of Income Tax Affairs by FBR and notices

· Appeals

· Other Important provisions

· Section 111

• Section 147
• Minimum, Corporate & Alternate Corporate Tax u/s 113 & 113C

5

SALES TAX

• Introduction to Federal & Provincial sales tax laws
• Mechanism of Sales Tax from Manufacture/Importer to Retailer
• Charging Sales Tax

• General Rate of Tax
• Zero Rating
• Exempt
• Reduced Rate
• Fixed Rate

6

SALES TAX

• Computation of Sales Tax Liability
• Registration
• Sales Tax Returns Filing requirements and deadlines
• Sales Tax Withholding requirements & statement filing deadlines 
• Audits
• Books of Accounts & Records
• Other Important provisions

• Restriction of input tax
• Specified Goods on which input is not allowed

• Point of Sale

7

SALES TAX

• Practical Interface of Sales Tax Returns
• Practical Interface of Sales Tax Withholding Statements

8

PROVINCIAL SALES TAX 

• Introduction to Provincial Sales Tax on services
• Rate of sales tax in Provinces
• Concept of origination & termination
• Sales tax returns and withholding statements filing with a practical interface