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AD-10: Advanced Taxation
This course comprises of theoretical and numerical concepts of Tax Laws prevailing in Pakistan. In this course students will learn the heads of income, statutory definitions, exemptions, tax return and sales tax. This course will help students in understanding the tax laws and will enable you to understand the practical implications of tax laws. It will serve as a tool in developing the basic understanding of theoretical knowledge. The students will be able to make effective taxation management strategies.
By the end of the course, students will be able to understand:
- Taxation System in Pakistan, Scope and Basic Concept of Taxation
- Understand the application of Tax Laws
- Ethics in taxation practice and while working in organizations
- Heads of income and their detailed adjustments
- Computation of Total Income and Taxable Income
- Computation of Tax Liability for individuals, Association of Persons and Companies
- Make effective use of tax credits and exemptions
- Features and application of indirect tax (i.e Sales Tax) in Pakistan
- Computation of Sales Tax Liability and charges for non-compliance
Scope and Basic Concept of Taxation Systems
- Comprehend different kinds of taxes and their scope.
- Understands the implication of direct and indirect taxation.
Computation of Taxable Income and Tax
- Explain the chargeability of tax
- Compute taxable income and tax thereon relating to
- income from property,
- income from business,
- capital gain,
- dividend, profit on debt,
- ground rent, rent from sub-lease,
- Income from provision of amenities, utilities or any
- other services connected with rented building and consideration for vacating the possession of building.
Computation of Tax Liability
- Identify and compute relief for trading losses
- Calculate the income tax liabilities of an individual and AOPs
- Identify taxable and exempt sources of profits
- Calculation of taxable profits of companies
- Calculation of tax liability of Companies
- Calculate gains on disposals of shares including where there have been bonus and rights issues
- Calculate the capital gains tax liability of an individual.
Indirect Tax – Sales Tax
- Explain the requirement and procedure of registration, compulsory registration and deregistration using simple examples.
- Supplies and their effect on Input Tax
- Calculation of Sales Tax Payable/Refund
- What are the components of Sales Tax Invoice, Explain the requirement and procedure of issuing debit and credit notes using
- Calculation of Indirect tax payable and repayable under normal and special schemes
- Penalties and charges for nonpayment or noncompliance thereof