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Taxation Managment

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Taxation Management ­ FIN 623
VU
MODULE 3
LESSON 3.8
SCOPE OF INCOME/CONCEPT
Receipt of Income may be
o  On Cash Basis as well as
o  In kind
Deemed Income at Par with real income
Cash Basis Vs Accrual Basis
Illegal Income
Lump Sum Receipts
Tax-free income
Income can not be taxed twice, if not expressly
Mentioned otherwise
Charge on Person
Certain Incomes excluded from Taxable Income (exemptions).
Lump Sum Receipts
Tax-free income
Income can not be taxed twice, if not expressly
Mentioned otherwise
Certain Incomes excluded from Taxable Income (exemptions)
MODULE 4
HEADS OF INCOME (Section 11)
Following are the heads of income, ascertained in section 11
 Salary (Section 12)
 Income from Property (Section 15)
 Income from Business (Section 18)
 Capital Gains (Section 37)
 Income from other Sources (Section 39)
Total Income (Section 10)
Total income of a person for a tax year shall be the sum of the person's income under each of the heads of
income.
Exempt Income
It has been laid down in Section 41 to 53, 102 & Second Schedule of the ordinance.
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Table of Contents:
  1. AN OVERVIEW OF TAXATION
  2. What is Fiscal Policy, Canons of Taxation
  3. Type of Taxes, Taxation Management
  4. BASIC FEATURES OF INCOME TAX
  5. STATUTORY DEFINITIONS
  6. IMPORTANT DEFINITIONS
  7. DETERMINATION OF LEGAL STATUS OF A PERSON
  8. HEADS OF INCOME
  9. Rules to Prevent Double Derivation of Income and Double Deductions
  10. Agricultural Income
  11. Computation of Income, partly Agricultural,
  12. Foreign Government Officials
  13. Exemptions and Tax Concessions
  14. RESIDENTIAL STATUS & TAXATION 1
  15. RESIDENTIAL STATUS & TAXATION 2
  16. Important Points Regarding Income
  17. Geographical Source of Income
  18. Taxation of Foreign-Source Income of Residents
  19. Exercises on Determination of Income 1
  20. Exercises on Determination of Income 2
  21. SALARY AND ITS COMPUTATION
  22. Definition of Salary
  23. Significant points regarding Salary
  24. Tax credits on Charitable Donations
  25. Investment in Shares
  26. SALARY AND ITS COMPUTATION EXERCISES 1
  27. SALARY AND ITS COMPUTATION EXERCISES 2
  28. SALARY AND ITS COMPUTATION EXERCISES 3
  29. Tax treatment of Gratuity
  30. Gratuity Exercise
  31. PROVIDENT FUND
  32. Exemptions on Business income, Treatment of Speculation Business
  33. Deductions Allowed & Not Allowed
  34. Deductions: Special Provisions, Depreciation
  35. Methods of Accounting
  36. Taxation of Resident Company
  37. Taxation of Companies: Exercises
  38. Computation of Capital Gain
  39. Disposals Not Chargeable To Tax
  40. TAX RETURNS & ASSESSMENT OF INCOME UNIVERSAL SELF ASSESSMENT SCHEME
  41. Normal Assessment, USAS, Provisional Assessment, Best Judgment Assessment
  42. ADVANCE TAX COLLECTION & RECOVERY OF TAX PENALTIES & PROSECUTION
  43. What is Value Added Tax (VAT)?
  44. SALES TAX
  45. SALES TAX RETURNS