Income Tax Management

Income Tax Management

Why This Training is Important
Tax expense, particularly income tax is a core issue on the part of the management of corporate houses. It equally affects individual taxpayers. So tax planning and management becomes a major concern on the part of all types of assesses. Every person either individual or corporate body always 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 & efficiently. But, as a matter of fact, understanding of income tax is not very easy, as it is by nature very technical & complicated. So it needs in-depth knowledge and clear conception to discharge duties and responsibilities on the part of tax practitioners, advisers or tax personnel.

All the sections of Income Tax Ordinance, 1984, all the rules of Income Tax Rules, 1984, all the relevant SROs with their latest changes, Finance Acts, Case Laws, and Avoidance of Double Taxation Agreements (DTA) would be discussed in details during training session. Not only the techniques of successfully facing universal self assessment audits, but how to face Central intelligent Cell officials as well as techniques of Tax Deduction at source (TDS) would also be discussed during training sessions. Procedure of claiming Refund, avoiding of penalty and prosecutions, risk area of universal self audit would be discussed in details. Tips of winning in the appeal & Tax Appellate tribunal would also be discussed. Therefore, the training session will provide opportunities to learn for those who want to reduce tax liability and to avoid unnecessary litigations.

This course is designed in such a way that participants would get primary, structured knowledge as well as in-depth knowledge. After completion of the course participants would be able to answer many of their queries by themselves and protect their business & industries as well as themselves from many troubles and litigations and would be capable to contribute to the sound fiscal management in their businesses, industries and offices.

How Participants will benefit after the course
The purpose of this course is to provide the participants basic and structural knowledge regarding all aspects of Income tax. Thus after completion of the course, the participants would be able to:

– develop general knowledge regarding all aspects of Income tax;
– find solutions to many of their queries by themselves;
– run the fiscal management in their organizations in far better way;
– protect their organizations from many future troubles;
– further develop their career in taxation, finance and management.

The participants will be provided with Income Tax Manual Part I and II.Contents of Training:

Day: 01
– Introduction
– Basic concepts of Public Finance
– Definition and classification of tax
– Canons of Taxation
– Objective of taxation
– Historical background of Income Tax in Bangladesh
– Important Terms as defined in the income Tax Ordinance, 1984

Day: 02
– Assessee: Classification and Residential Status
– Income tax Authority/ Tax Administration
– Charge of Income tax, Additional tax, Excess Profit Tax, Premium Tax, Surcharge
– Minimum Tax
– Total income: Scope and Computation
– Income deemed to accrue or arise in Bangladesh (s-18)
– Unexplained investments, etc, deemed to be income:S-19(1) to 19(24)

Day: 03
– Computation of taxable income from Salaries
– Provident Funds
– Computation of taxable income from Interest on Securities
– Computation of taxable income from House Property
– Computation of taxable income from agriculture
– Computation of taxable income from Business or Profession
– Computation of taxable income from Capital Gain
– Computation of taxable income from Income from other sources

Day: 04
– Set off loses & carry forward of losses
– Exemptions & allowances including tax holiday
– Exemptions of co-operative societies

Day: 05
– Advance Income Tax (AIT) and Tax Deductions at Source (TDS)
– The consequences of AIT & TDS
– Consequences of non-payment of AIT and non-deduction of tax at source

Day: 06
– Income Tax Return
– Withholding Tax Return
– Return under section 108 of the ITO, 1984
– Notices as per the ITO, 1984
– Assessment: Section-81 to Section-94

Day: 07
– Assessment of Individual Assessee
– Assessment of a salaried person (Govt.)
– Assessment of a salaried person (Non-Govt.)
– Assessment of Firm
– Assessment of Company

Day: 08
– Tax Audit: Desk Audit and Field Audit
– How to face Audit of NBR
– How to face Central Intelligent Cell Officials?
– How to face tax Inspection Directorate Officials?
– What is orthodox inspection?
– AG Audit

Day: 09
– Appeal, Tribunal & References
– Revision
– Recovery of tax: Section-134 to Section-143
– Refunds: Section-146 to Section-152
– Penalties & Prosecutions
– Protection of information
– Avoidance of double taxation agreements
– Exclusions from total income (6th schedule part-A)
– Tax rebate (6th schedule part B)
– CSR activities for corporate tax rebate.
– Important Provisions of the Schedules of the ITO, 1984

Day: 10
– A real world case study.
– Questions & answers