Internship Report on Federal Board of Revenue (Regional Tax Office Abbottabad)

Submitted by: RABIA NOOR AMIN HASHMI

Roll No. F-10-067

Supervised by: Sardar Ejaz Ahmed

Department of Management SciencesGovernment College of Management and Sciences Abbottabad Session 2010-2014 Internship Report on Federal Board of Revenue (Regional Tax Office Abbottabad)

Submitted by: RABIA NOOR AMIN HASHMIRoll # F-10-067

Supervised by: Sardar Ejaz Ahmed

This internship report is submitted in partial fulfillment of the requirementsfor the degree of Bachelor of Business Administration awarded by the Hazara University, Manshera.

Government College of Management SciencesAbbottabad

Session 2010-2014

Government College of Management SciencesAbbottabadApproval Sheet

1. External Examiner

Mr. _____________________________________________ Signature_______________

2. Supervisor

Sardar Ejaz Ahmed Signature_______________

Designation: _Assistant Professor ________________

3. Head of Department

Mr. ___________________________________________ Signature ________________ Designation: _________________

DedicationDedicated to my parents, Teachers&All FriendsWhose Guidance enabled meAchieving Objectives in Life, their PraysEnlightened and Paved the way to successGod Bless them All...

ABSTRACT

Having a sound professional knowledge and skills are basic fundamentals to be successful passionate environment of antagonism, where thousands of business graduates with different competencies are trying their fates.As long as the rivalry becomes tough enough, making it essential for every business graduate to expand the skill and aptitude strong enough to demonstrate his/her competencies in the market place for long term endurance.This Internship testimony is an endeavor to write my learning skills for the duration of my internship. Being a student of BBA(Hons) I have been asked to write the Internship report base on my experiences and surveillance in the organization. Placement is a practice slanting program which provides me a opportunity to become skilled at more about the realistic purpose of business perceptions in an organization.Moreover I have done my Internship in National Bank of Pakistan Main Branch. NBP is the one of the proficient bank in Pakistan. However Internship phase was satisfactory to comprehend and evaluate the functions performed in the diverse departments of the bank. Moreover In my view it was gateway towards learning as well as knowledge experience.I tried my level best to make the most of my internship period by seeking and observing skills, working mold, techniques as well as realistic application of business concepts. Report contains overview of the NBP and its functions operations. Lastly in the report there are lots of constructive and significant suggestions and proposals for improving work and skill.

ACKNOWLEGEMENT

All praise and gratitude due to ALLAH ALMIGHTY who created man in Her own image and enjoyed upon him to travel on the earth and enter into a profound and analytical study of Universe for spiritual appreciation of ALLAH unity and Her attribute as well as for harnessing the material manifestation of the world to the mankinds profit utilization. In the first place, therefore we express our utmost thanks to ALLAH.The work presented in this manuscript was accomplished under the inspiring guidance, generous and enlightened supervision of Incharge Tariq Mehmood (F.T.O), Data Processing Unit and Sir Faisal supervisor DPC section Regional Tax Office, Abbottabad. I express my gratitude to him for his scholastic and sympathetic attitude in the completion of this Internship. I am also thankful to Mr. Faisal Haroon, who benevolently extended all possible ways to smooth completion of this piece of work through his expert guidance, sympathetic and encouraging attitude all the time. The help provide by Mr. Abdul Razzaq, Data Processing Unit, Regional Tax Office, Abbottabad is also acknowledgement. I also would like to pay my heartiest thanks to all my honorable Incharge, Supervisor, who encouraged me in the completion of my work.

RABIA NOOR

Abbreviation.

1.CBR, Central Board of Revenue.2. FBR, Federal Board of Revenue.3.RFA, Request For Application.4.SPF, Standard Pacific Free.5.LTC, Long Term Care.6.FBT,Federal Bureau of Technology.7.POPP,Program on Peacekeeping Policy.8.PV,Paradise Valley.9.MCC,Model Custom Collect rate.10.DG I&I,Director General Intelligence & Investigation. 11.NAV,Navigation. 12.PGBP,Profit & Gain of Business Profession. 13.STCG,Short Term Capital Gain.14.FRCA,Framing and Rural Conservation Agency.15.DPU, Data Processing Unit.16.RTO, Regional Tax Office.17.AGPR,Auditor General of Pakistan Revenue.

INTERNSHIP REPORT APPROVAL SHEET

(REGIONAL TAX OFFICE, ABBOTTABAD)

Internship report by Miss Rabia Noor.Approved as partial fulfillment of the requirement of the degree of BBA (Hons.) Finance Management Sciences Session 2010-14.

Supervisor _____________Dated __________________

Internal Examiner _________Dated _____________________

External Examiner _________Dated ______________________

DEPARTMENT OF MANAGEMENT SCIENCES GOVT COLLEGE OF MANAGEMENT SCIENCES, ABBOTTABAD.

Table of Contents

CHAPTER 1INTRODUCTION011.1 Background of Study011.2 Purpose of the Internship 011.3 Scope of Work 011.4 Source of Data for Study 021.5 Limitations 021.6 Merits of the report 021.7 Scheme of the report 03

CHAPTER 2 Introduction to Federal Board of Revenue042.1 Functions of FBR 06

CHAPTER 3 Working Area of the Organization Regional Tax Office 113.1 Income Tax 113.1.1 Disclaimer 113.1.2 Enrollment 123.1.3 Login ID & Password 123.2 Sales Tax 18

CHAPTER 4Income Tax Law in Pakistan 244.1 Summary of Income Tax Act 254.2 Income under the Head Salary 304.3 Fringe Benefit and new perquisites 364.4 Income under House Property 394.5 Income from other sources 444.6 2012 Budget revenue policies 46CHAPTER 5Abbreviations53CHAPTER 654Data processing unit546.1 Functions of D.P.U546.2 Federal treasury officer (F.T.O)54CHAPTER 755Personal experience557.1 Internship duration557.2 Functions during internship557.3 Incharge55CHAPTER 856Executive Summary568.1 Introduction568.2 About income tax568.3 Companies578.4 Corporate Asset tax578.5 About sale tax578.6 Data processing centre58