Business Taxation Course

Introduction
Types of Taxes
Taxation Glossary
Inland Revenue Department (IRD)
Acts and Directives
Income Year
Tax Exempt Organization
Residency Status

Personal PAN
Business PAN

Presumptive Tax Payers (D-01)
Turnover Based Taxpayer (D-02)
Other Taxpayers (D-03)

Taxable Income
Inclusion In Income
Allowable Expenses
- Interest Expenses
- Cost of Trading Stock
- Depreciation Expenses
- Repair and Improvement Expense
- Pollution Control Cost
- Research and Development Cost
- General Expenses
Expenses not allowed
Reduction from Income Tax

Rate @ 20%
Rate @ 25%
Rate @ 30%
Business Concession
Tax on Sale of Land and Building
Tax on Sale of Securities
Tax rate for Cooperatives
Set-off and carry forward of losses

Installment Tax
Estimated Tax Return (ETR)
Failure to comply with ETR
Annual Tax Liability and Return
Failure to Submit Tax and Pay Return
Tax Clearance Certificate
Tax Refund

Fines and Punishment
Tax Recovery

Basis of Accounting
Change in Control

TDS Intro
Principle Related to TDS
Calculation of TDS
TDS on Rent
TDS on Transportation
TDS on Commission
TDS on Dividend
TDS on Contract
TDS on Royalty
TDS on Other Services

Inclusion in Income
Not Included in Income
Quantification of Facilities
Tax Calculation of Employees
E-TDS Return Intro
E-TDS Return Filing Process
Payment of TDS
Adjustment with Income Tax
Concept of Final Withholding Tax

VAT Intro
Illustration on how VAT works

PAN Registration v/s VAT Registration
Criteria for VAT Registration
VAT Registration Process
Compulsory Temporary Registration
Voluntary Registration
Registration Certificate
Tax Plate
Fines and Penalties
Cancellation of Registration

Intro on VAT Exempt and VAT Attractive Goods
Items in Schedule 1
Exempt v/s Zero Rated Tax
Taxable Value
Taxable Value in Different Circumstances

Normal Tax Invoices
Abbreviated Tax Invoices
VAT Invoice During Purchases
Electronic Billing
Debit and Credit Note
VAT Account
Purchase and Sales Register
Related Fines and Penalties

Input VAT and Output VAT
Calculation of VAT
VAT on Import on Goods
VAT on Import of Service
Calculation During Under invoicing
VAT Receivable from Government Organizations

Input Tax Credit
Types of Tax Credit
- Full Tax Credit
- Partial Tax Credit
- Proportionate Tax Credit
- No Tax Credit
- Other Special Issues

VAT Return and Payment
Tax Period
VAT Return Process
Debit and Credit Adjustment
VAT Refund

Marked Price to be VAT Inclusive
Relation with Income Tax
Preparation of VAT Reco
Preparation of Annex 13
Tax Officer
Collection of VAT in Arrears

Practice how to calculate Tax for:
- D-01 Return Filers
- D-02 Return Filers
- Company (D-03)
- Proprietorship Firm (D-03)

Practice to calculate the income on which tax is calculated by considering following aspects:
- Inclusion in Income
- Deduction of Expense from Income
- Expenses Not allowed to be Deducted

Practice how to calculate correct tax rate for different business for whom concession is available like:
- Agricultural Business
- Special Industry
- Manufacturing Business
- Tourism Industry
- Micro Industry
- Startups

Learn and Practice different Fines, Interest and Penalties related to Income Tax, VAT and TDS.

Practice the Calculation, Accounting and Payment of TDS along with Filing of TDS return.

Learn and Practice different types of purchase bills.

Learn and Practice different types of Expense Invoices

Learn and Practice Different fixed asset bills

Learn and Practice Different Sales Invoices

Learn and Practice VAT calculation through different Purchases, Import and Sales related to VAT along with Payment of VAT and Filing VAT Return

Introduction
Types of Taxes
Taxation Glossary
Inland Revenue Department (IRD)
Acts and Directives
Income Year
Tax Exempt Organization
Residency Status

Personal PAN
Business PAN

Presumptive Tax Payers (D-01)
Turnover Based Taxpayer (D-02)
Other Taxpayers (D-03)

Taxable Income
Inclusion In Income
Allowable Expenses
- Interest Expenses
- Cost of Trading Stock
- Depreciation Expenses
- Repair and Improvement Expense
- Pollution Control Cost
- Research and Development Cost
- General Expenses
Expenses not allowed
Reduction from Income Tax

Rate @ 20%
Rate @ 25%
Rate @ 30%
Business Concession
Tax on Sale of Land and Building
Tax on Sale of Securities
Tax rate for Cooperatives
Set-off and carry forward of losses

Installment Tax
Estimated Tax Return (ETR)
Failure to comply with ETR
Annual Tax Liability and Return
Failure to Submit Tax and Pay Return
Tax Clearance Certificate
Tax Refund

Fines and Punishment
Tax Recovery

Basis of Accounting
Change in Control

TDS Intro
Principle Related to TDS
Calculation of TDS

TDS on Rent
TDS on Transportation
TDS on Commission
TDS on Dividend
TDS on Contract
TDS on Royalty
TDS on Other Services

Inclusion in Income
Not Included in Income
Quantification of Facilities
Tax Calculation of Employees

E-TDS Return Intro
E-TDS Return Filing Process
Payment of TDS
Adjustment with Income Tax
Concept of Final Withholding Tax

VAT Intro
Illustration on how VAT works

PAN Registration v/s VAT Registration
Criteria for VAT Registration
VAT Registration Process
Compulsory Temporary Registration
Voluntary Registration
Registration Certificate
Tax Plate
Fines and Penalties
Cancellation of Registration

Intro on VAT Exempt and VAT Attractive Goods
Items in Schedule 1
Exempt v/s Zero Rated Tax
Taxable Value
Taxable Value in Different Circumstances

Input VAT and Output VAT
Calculation of VAT
VAT on Import on Goods
VAT on Import of Service
Calculation During Under invoicing
VAT Receivable from Government Organizations

Normal Tax Invoices
Abbreviated Tax Invoices
VAT Invoice During Purchases
Electronic Billing
Debit and Credit Note
VAT Account
Purchase and Sales Register
Related Fines and Penalties

Input Tax Credit
Types of Tax Credit
- Full Tax Credit
- Partial Tax Credit
- Proportionate Tax Credit
- No Tax Credit
- Other Special Issues

VAT Return and Payment
Tax Period
VAT Return Process
Debit and Credit Adjustment
VAT Refund

Marked Price to be VAT Inclusive
Relation with Income Tax
Preparation of VAT Reco
Preparation of Annex 13
Tax Officer
Collection of VAT in Arrears