Level 4: Foundation of Taxation

Why to Attend This Course:

The latest knowledge about the taxation laws in becoming vital with every passing day and adds a lot of value to the resume for any position or even annual appraisal. We shall ensure you increased understanding about the fundamentals of prevalent taxation systems in Pakistan with enhanced focus on very recent amendments in various laws to help you built in your knowledge to you day to day activities.

Who Should Attend This Course?

Every person who intends to improve his skill set to achieve desired progression in his / her career. Every person in any position in any organization dealing with finance, accounts and payroll affairs. Recent job / career shift targets can be well aligned after taking this course. Fresh graduates planning own start-ups, lawyers entering the tax consulting practice, entrepreneurs focusing to take their business to next level shall get maximum yield out of this program.

Pre-requisites: Beginners may join, zero experience required

Program Overview:

  • Background and introduction of tax laws in Pakistan
  • Brief overview of tax structure
  • Broad categories of taxes
  • Key concepts of income tax law
  • Principals of taxation of income
  • Computation of taxable income under “Salary”:
    • Taxability of salary
    • Salary in government and private sectors
    • Value of perquisites / exemptions
    • Taxation of medical allowance
    • Valuation of conveyance and accommodation
    • Salaries of servants paid by employer
  • Computation of taxable income under the head (Income from Property”:
    • What makes an income a “property income”?
    • Basics and taxation in the hands of individual, AOP & Companies
    • Deductions Allowable to Companies
  • Taxation of business income
    • What is business, other key concepts
    • Concept of resident non-resident
    • Computation of taxable income and tax payable thereon
  • Computation of capital gain
    • What is capital asset, cost and sales consideration
    • Types of capital gain vis-à-vis immovable property, sales of securities & others
  • Updates on major Amendments in income tax introduced recently
  • Provide a firm foundation in income tax principles
  • Income tax Ordinance, 2001 and case laws
  • Provide a basic knowledge of tax law application and practice
  • Introduction of Sales Tax Act 1990
    • Key concepts
    • Math in sales tax law and returns
    • Definition of output and input sales tax
  • Geographical source of income
  • Inclusive and exclusive definitions
  • Advanced concepts and practice of all head of income:
    • Salary
      • How to increase take home salary through various tax credits on loans, insurance and investments
      • Profit in lieu of salary / Self hiring of property
      • Provident / Gratuity / Pension Funds
      • Marginal perquisites and their taxability
    • Property
      • Option for individuals and AOPs introduced in FA 2019
    • Business
      • Computation of business income
      • Allowable deductions and inadmissible deductions
      • Common expenses and apportionment of expenses
      • Taxation of non-resident
      • Set off and carry forward of losses
      • Minimum, Corporate & Alternate Corporate tax
  • Taxation of:
    • Individual
    • Association of persons
    • Companies, including minimum tax, alternate corporate tax and service income tax
    •  Non-profit organizations
  • Constitutional Provisions governing tax laws in Pakistan
  • Business and Corporate Tax
  • Demonstration of flow of state revenues
  • Tax evasion, avoidance and planning
  • Application of advanced knowledge of all head of income
  • Analyzing all the pros and cons of applicable tax regime in particular scenario and optimum computation taxable income and tax thereon
  • Case Studies for taxation practical aspects of:
    • Salary focused
    • Property and salary income
    • Business, property and salary income
    • Various capital gains and business incomes
    • Multiple head of income with other income
  • Advanced Tax Program
  • Rigorous training on wide range of core subjects covering Tax Policy, Legal Framework, Individual and Corporate Income Tax, Tax Treaties
  • Broaden knowledge through elective modules in Regional Tax, Tax Incentives, Tax Fraud and Investigation
  • Handling departmental notices
  • Techniques to handle departmental audit (withholding &other)
  • Assessments:
    • Universal self-assessment – Section 120
    • Best judgment assessment – Section 121
    • Amendment of assessment – Section 122
    • Provincial assessment – Section 122c
  • Appeals:
    • CIR Appeals
    • ATIR
    • High Court & Supreme Court
    • ADRC