Syllabus of S3 – Business Taxation

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Detailed Syllabus Contents:

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PART – A

INCOME TAX

1. Income Tax Ordinance, 2001

• Definitions;
• Charge to tax;
• Tax on taxable income (computation of income from salary, property, business, capital gains, other sources, exemptions, losses, deductible allowances, tax credits);
• Common rules (general, tax year, assets);
• Provisions governing persons (concept, individuals, aop, companies);
• Special industries (insurance, oil & gas and other mineral deposits);
• International  (geographical  source  of income, taxation of foreign source of income of residents, taxation of non-residents, double taxation);
• Anti-avoidance;
• Minimum tax;
• Procedures (returns, assessments, appeals, collection and recovery of tax, payments and deductions, refunds, records and audit, penalty,  offence  and  prosecutions, additional tax);
• Administration (general, transitional advance tax provisions, miscellaneous);
• Schedules (first schedule, second schedule, third schedule, sixth schedule, seventh schedule).
• Special provisions regarding depreciation,
• Initial allowance,
• Intangibles, pre-commencement expenses,
• Scientific research expenditures,
• Employees training and facilities,
• Profit on debt,
• Financial costs and lease payment,
• Bad debts,
• Provisioning regarding consumer loans,
• Profit on non- performing debts,
• Transfer to participating reserve and tax accounting.
• Nature and areas of tax management;
• Deduction of tax at source;
• Advance payment of tax;
• Minimum tax;
• Importance  of  tax  management  while claiming allowance;
• Exemptions
• Deductions and tax credits;
• Filing of returns of income;
• Defaults and penalties.
• Capital gain tax

2. Income Tax Rules, 2002

• Definitions related to the rules;
• Heads of income;
• Income of residents;
• Tax of non-residents;
• Transfer pricing;
• Records and books of accounts;                
• Certificates;
• Advance tax collection or deduction,
• Payment,
• Statements of tax collected or deducted.
• Income tax recovery rules,
• Registration of income tax practitioners,
• Recognized terminal benefits funds.

PART – B

Sales Tax

3. The Sales Tax Act, 1990

• Chapter No. I, II, III, IV, V, VII, VIII and IX of the Act, as amended up-to-date covering;
• Definitions;
• Scope and payment of tax;
• Registration;
• Book-keeping and invoicing requirements;
• Returns;
• Offences  and  penalties,  appeals  and recovery of arrears.

4. The Sales Tax Rules, 2006

• Definitions related to rules.
• Registration, compulsory registration
• De-registration, filing of returns,
• Credit and debit note
• Destruction of goods,
• Apportionment of input tax,
• Refund,
• Supply of zero-rated goods to diplomats,
• Diplomatic missions,
• Privileged  persons  and  privileged organizations,
• Taxpayer’s authorized representatives,
• Alternative dispute resolution,
• Special procedure for issuance of electronic sales tax invoices between buyers and sellers

PART – C

Indirect Tax

5. Federal Excise Act and Rules

• Federal Excise Act, 2005(Chapter I & II only)
• Notifications, rules general orders and circulars, issued under the Federal Excise Act, 2005 relevant of Chapter I & II only.

LEARNING OUTCOMES

On completion of this course, students will be able to:

• Understand the objectives of levy of taxation, and its basic concepts
• Comprehend the system of taxation in Pakistan
• Explain provisions of Income Tax Laws mainly relevant to individuals and association of persons and corporate entities
• Understand features of the direct and indirect taxes;
• Execute record-keeping, filing and tax payment requirements of principal types of taxation, relating to business;
• Recommend the management on issues, pertaining to tax liabilities of company or firm, arising from various types of income.
• Elucidate relevant Sales Tax Laws and rules
• Understand the underlying concepts of Federal Excise Act and Rules

syllabus ofS3 Business Taxation syllabus:

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