This 2-day program will take the participants on a guided learning journey and provide them a basic understanding of relevant laws and regulations with respect to Income Tax and Sales Tax. The participants will be offered practical guidance enabling them to acquire skills in record keeping as per Income and Sales Tax Laws.
Contents
Income Tax:
- Overview of Income Tax Ordinance 2001, basic concepts, and key terminologies
- FBR Information Portal and Online Verification Portal
- Who must file Tax Return & Benefits for Filers of Returns?
- Introduction to Advance Tax U/S 147 of the Income Tax Ordinance 2001
- Who is liable to pay Advance Tax, when to pay Advance Tax, and its computation
Withholding of Taxes:
- Concept and Methodology of Withholding Income Tax
- Prescribed Persons/Withholding Agents under the Law
- Consequences for Non-Deduction of Withholding Income Tax
- Rates of Withholding Income Tax
- Reporting of Quarterly/Annual Statements to the FBR
Sales Tax:
- Introduction to Sales Tax Act, 1990, basic concepts, and key terminologies
- Key Services subject to Sales Tax
- Online verification of Active, Suspended & Blacklisted Taxpayers
- Withholding of Sales Tax, its computation, and payment