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ALLAMA IQBAL OPEN UNIVERSITY, ISLAMABAD

(Department of Commerce

TA!ATION MANA"EMENT (#$%&

C'ECLIST

SEMESTER) SPRIN", *+&

This packet comprises the following material:

1. Text Book (One)2. Course Outline

3. ssignment !o. 1" 2

#. ssignment $orms (2 sets)

%n this packet" if &ou fin' an&thing missing out of the aoe mentione' material" please

contact at the a''ress gien elow:

*ailing Officer

llama %+al Open ,niersit&

-/" %slamaa'

Muhammad Munir

(Course Coor'inator)

Final on 17-02-

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ALLAMA IQBAL OPEN UNIVERSITY, ISLAMABAD(Department of Commerce

[

-ARNIN"&. PLA"IARISM OR 'IRIN" O/ "'OST -RITER(S /OR SOLVIN"

T'E ASSI"NMENT(S -ILL DEBAR T'E STUDENT /ROM A-ARDO/ DE"REE0CERTI/ICATE, I/ /OUND AT ANY STA"E.

*. SUBMITTIN" ASSI"NMENTS BORRO-ED OR STOLEN /ROMOT'ER(S AS ONE1S O-N -ILL BE PENALI2ED AS DE/INED IN3AIOU PLA"IARISM POLICY4.

Co5r6e) Ta7at8on Mana9ement (#$%& Seme6ter) Spr8n9, *+&

Le:e;) M. Com Mar

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5ife insurance premium pai' & emplo&er 37"777

ri8e on pri8e on' =7"777

Capital gain on sale of shares of a priate compan& (sol'

within 12 months) 177"777Capital loss on sale of shares of other priate compan& #7"777

-on'a Ciic car is proi'e' & the emplo&er for his official as well as personal

use. Car costs s.1/"77"777.

0. # >xplain the re+uirements an' con'itions of registration an' 'eregistration un'er

section 1# an' 21 of 9ales Text ct" 1??7. lso explain the proce'ures for each ofthem. (*+

0. ; @amil 6air& (t.) 5t'. is a registere' manufacturer of ice cream. 6ata regar'ing

the usiness for the month of @ul& 2713 is gien as un'er: (*+

Deta8;6 Amo5nt R6.9ale of ice cream to unregistere' persons 277"777

9ale of ice cream to consumers (inclusie of sales tax) 177"777

9uppl& of ice cream to college stu'ents ('uring factor& isit) 1;"777

9ale of 'air& pro'ucts to retailers ;7"777

urchase of milk with ran' name 37"777

urchase of milk without ran' name #7"777

%ce cream flaour importe' =7"777

urchase of minerals from wholesaler for use in ice cream 27"777

Aou are re+uire' to calculate sales tax liailit& of @amil 6air& (t.) 5t'. lso prepare

sales tax return of @amil 6air& (t.) 5t'.

"UIDELINES /OR ASSI"NMENT = &

The stu'ent shoul' look upon the assignments as a test of knowle'ge" management skills"

an' communication skills. hen &ou write an assignment answer" &ou are in'icating &our

knowle'ge to the teacher:

Aour leel of un'erstan'ing of the su4ect

-ow clearl& &ou think

-ow well &ou can reflect on &our knowle'ge experience

-ow well &ou can use &our knowle'ge in soling prolems" explaining situations"

an' 'escriing organi8ations an' management

-ow professional &ou are" an' how much care an' attention &ou gie to what &ou 'o.

To answer a +uestion effectiel&" a''ress the +uestion 'irectl&" ring important relate'issues into the 'iscussion" refer to sources" an' in'icate how principles from the course

materials appl&. The stu'ent must also e ale to i'entif& important prolems an'

implications arising from the answer.

3

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ASSI"NMENT No. *Tota; Mar

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-ORS'OPSThe workshop presentations proi'e stu'ents opportunit& to express their communicationskills" knowle'ge un'erstan'ing of concepts learne' 'uring practical stu'& assigne' in

assignment F 2.

Aou shoul' use transparencies an' an& other material for effectie presentation. Thetransparencies are not the presentation" ut onl& a tool the presentation is thecomination of the transparencies an' &our speech. orkshop presentation transparenciesshoul' onl& e in t&pe' format.

The transparencies shoul' follow the following format:1) Title page2) n astract (one page summar& of the paper)3) %ntro'uction to the issue (rief histor& significance of issue assigne')#) ractical stu'& of the organi8ation (with respect to the issue);) 6ata collection metho's

=) 9OT anal&sis (strengths" weaknesses" opportunities threats) releant to theissue assigne'

E) Conclusion (one page rief coering important aspects of &our report)/) ecommen'ations (specific recommen'ations releant to issue assigne')

"UIDELINES /OR PRESENTATION) *ake e&e contact an' react to the au'ience. 6onGt rea' from the transparencies or

from report" an' 'onGt look too much at the transparencies (occasional glances areacceptale to help in recalling the topic to coer).

1;minute presentation can e practice' seeral times in a'ance" so 'o that until&ou are confi'ent enough. 9ome people also use a mirror when rehearsing as asustitute for an au'ience.

-EI"'TA"E O/ T'EORY > PRACTICAL ASPECTS IN ASSI"NMENT = * >-ORS'OP PRESENTATIONSssignment F 2 workshop presentations are ealuate' on the asis of theor& itsapplicailit&. The weightage of each aspect woul' e:Theor&: =7Hpplicailit& (practical stu'& of the organi8ation): #7H

TA!ATION MANA"EMENTCOURSE OUTLINE (#$%&

Un8t?& ADVANCE TOPICS IN TA!ATION1.1 hilosoph& of tax

1.1.1 %slamic philosoph& of tax1.1.2 Comparatie stu'& of tax un'er %slam" @u'aism an' Christianit&.1.2 rinciples of taxation1.3 Conse+uences of tax easion with respect to usiness entit&" an' econom& as a whole1.# $ighting with tax easion1.; Tax as a tool of fiscal polic&

;

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1.= Tax structure of akistan (merits" 'emerits)" Comparatie stu'& with other 9outhsian 'eeloping

1.E Countries an' recommen'ations for improement1./ -istor& of tax reforms in akistan" Critical reiew of tax reforms in akistan"

Comparatie stu'& of tax reforms with other 9outh sian Countries1.? Tax management with special focus on corporate tax1.17 Tax reenue management in akistan1.11 Tax ase" chargeailit&" an' collection

Un8t?* INCOME TA! ORDINANCE *++& @8t Re;e:ant R5;e62.1 Comprehension of Basic ules an' Concepts2.2 Basic principles of construction" releant 'efinitionsDconcepts

2.2.1 ersons I9ection 2(#2)J2.2.2 %ncome I9ection 2(2?)J2.2.3 Total income (with special 'eate on 'istriution of total income un'er

arious hea's)2.2.# Taxale income I9ection 2(=#)J

2.2.; ssessment I9ection 2(;)J2.2.= Tax2.2.E Taxpa&er I9ection 2(==)J2.2./ Tax &ear I9ection 2(=/)J2.2.? ccumulate' profit I9ection 2(1)J2.2.17 6ii'en' I9ection 2(1?)J2.2.11 %n'ustrial un'ertaking2.2.12 ermanent estalishment I9ection 2(#1)J2.2.13 ssociates2.2.1# esi'ent an' nonresi'ent persons

Un8t?% Ta7 Am8n86trat8on3.1 Tax authorities I9ection 27EJ3.2 Circulars" or'ers an' 'irections issue' & the $e'eral Boar' of eenue ($B)

I9ections 27=" 213 21#J3.3 'ance rulings I9ection 27= J.3.# ppellate 9&stemI9ections 12E to 13=J3.; Commissioner %nlan' eenue (ppeals)3.= ppellate Triunal3.E Conceptual 'iscussion regar'ing point of law an' point of fact

Un8t Ta7 on Ta7a;e Income (I#.1 -ea's of income I9ection 11J#.2 %ncome for tax purposes I9ection ? 17J#.3 Tax pa&ale on taxale income I$irst 9che'ule to the Or'inanceJ#.# 9alar&

#.#.1 Concept of emplo&ment" emplo&er" emplo&ee an' salar.#.2 Basis of assessment

#.2.3 esi'ential status of salarie' person#.2.# >mplo&ee share schemes#.2.; er+uisites (enefitsinkin')#.2.= Taxation at source from salar.2.E etirement enefits (ension" gratuit&" proi'ent fun')#.2./ >mplo&ment termination enefits#.2.? >xemptions an' tax concessions regar'ing salar&

=

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#.; %ncome from Other 9ources I9ections 3?" #7" ;;(1)" =E" /?" 171(=)" 111J#.;.1 Concept of other sources un'er the Or'inance#.;.2 llowale 'e'uctions

Un8t?$ Ta7 on Ta7a;e Income (II;.1 %ncome from propert&

;.1.1 Concept of propert& un'er the Or'inance;.1.2 >lements of propert& income;.1.3 Computation of taxale income an' tax pa&ale un'er the hea' propert&;.1.# >xemptions an' lower rate taxation of income from propert&;.1.; *etho'" manner an' mo'e of propert& tax

;.2 %ncome from usiness I9ections 1/ to 3=J;.2.1 Concept of usiness un'er the Or'inance;.2.2 rinciples regar'ing chargeale income;.2.3 xemptions an' tax concessions;.3 Capital xempt suppl& I9ection 2(11)JE.#

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E.1# Tax perio' I9ection 2(#3)JE.1; Time of suppl& I9ection 2(##)J

Un8t # Scope an PaHment of Ta7 Sect8on6 % to &% @8t re;e:ant r5;e6F/.1 9cope of chargeailit&" mo'e of collection etc/.2 Mero rating/.3 Change in the rate of tax/.# Time an' manner of pa&ment/.; 6etermination of tax liailit&/.= Tax cre'it not allowe'/.E 6eit an' cre'it note/./ >xcess amount to e carrie' forwar' or refun'e'/.? ssessment of tax/.17 9hortpai' amounts recoerale without notice/.11 >xemption

Un8t Ret5rn6, Re986trat8on an A5tor8t8e6 Sect8on6 *, *G, *# @8t re;e:ant r5;e6F

?.1 eturns?.1.1 !ormal eturn?.1.2 nnual return?.1.3 9pecial eturn?.1.# $inal eturn

?.2 egistration (9ections 1#" 21" with releant rules)?.2.1 e+uirement of registration?.2.2 Compulsor& registration?.2.3 6eregistration

?.3 uthorities (9ections 37" 37" 37B" 37C" 376" 3766" 37>" 31" 32 an' 32)

Recommended Books:1. Text Book of Business Taxation & %4a8 li aince" pulishe' & aince

ca'em&" $aisalaa'.

2. -u8aima %kramNs GTax 5aws of akistanG IOfficial ersion can e 'ownloa'e'from www.fr.go.pk3. ractical -an'ook of %ncome Tax & 6r. %kramul -a+" pulishe' & 5ahore 5aw

ulications email: infohu8aimaikram.comesite: http:DDhu8aimaikram.com

Advance Readings/Source Material:#. 9&nopsis of taxation & *ir8a *unawar -ussain.;. Karious articles on tax laws an' issues aailale at http:DDhu8aimaikram.com=. *aterial at official wesite (www.fr.go.pk) of $B.E. eforms in Tax 'ministration of akistan" report & 9&e' 9hahi' -ussain"

www.google.com.

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