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Taxation Managment

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Taxation Management ­ FIN 623
VU
MODULE 4
LESSON 4.9
HEADS OF INCOME (SECTION 11)
Method of accounting (Section 32)
Cash Basis or
Accrual Basis
 For Companies `Accrual Basis' method of accounting is compulsory [Section 32(2)]
 Change of Method of Accounting can be made under [Section 32(4)]
Rules to Prevent Double Derivation of
Income and Double Deductions (Section 73)
Where:
Any amount chargeable to tax on the basis that it is receivable, the amount shall not be charged
that it is received;
or
Any amount is chargeable to tax on the basis that it is received the amount shall not be chargeable
to tax again on the basis that it is receivable.
With regard to expenditure, where:
Any expenditure is deductible on the basis that it is payable, the expenditure shall not be deductible
again on the basis that it is paid;
or
Any expenditure is deductible on the basis that it is paid, the expenditure shall not be deductible
again on the basis that it is payable.
Exemptions and Tax Concessions:
Section 41to 53, section 102 and various clauses of second schedule to the ordinance deal with exemptions
available to incomes or class of incomes or persons or class of persons specified therein shall be:
a) Exempt from tax under this ordinance, subject to the conditions and to the extent specified therein;
or
b) Liable to tax at such rates, which are less than the rates specified in the First schedule? Or
c) Allowed a reduction in tax liability, subject to the conditions and to the extent specified therein; or
d) Exempt from the operation of any provisions of this Ordinance, subject to the conditions and to
the extent specified therein;
Federal government has been empowered vide section 53 (2) and (3) to make amendments in the
second schedule by:
1- Adding any clause or condition therein;
2 - Omitting any clause or condition therein;
Or
3- Making any change in any clause or condition therein.
14
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