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Syllabus M.Com.
COURSE DESCRIPTION:
This course is designed to give student an understanding of the structure of taxation system in Pakistan
and the policy factors essential to the application of tax system in business enterprise. This
comprehensive course will enable students to know how the taxation system of the Pakistan allows
them to take effective business decisions.it will also guide them to apply current tax rules in their
organization for effective usage of resources,
LEARNING OBJECTIVES:
After studying this course the student should be able:
a) to understand the various terms with concepts used under the income tax and sales tax law in
Pakistan;
b) to compute income, total income and taxable income and tax thereon of individuals, AOP’s /
partnerships and corporations after taking into account the different exemptions and reliefs
available;
c) to compute the advance tax liability under section 147 and withholding tax provisions under
specific sections of the Income tax Ordinance, 2001;
d) to understand how income tax returns are filed, how assessment under various sections framed
and ultimately the procedure to file appeals under the Income tax Ordinance, 2001; and
e) to file the various sales tax returns and how to compute the sales tax liability / refund of various
persons in Pakistan.Course contents:
INCOME TAX ORDINANCE 2001 AND INCOME TAX RULES 2002
Overview, scheme and scope
Comprehension of basic rules and concepts
Basic principles of construction, relevant definitions / concepts
- Assessment [section 2 ( 5 ) ]
- Business[section 2,(9) ]
- Deductible allowance[section 2( 16 ) ]
- Dividend [section 2(19) ]
- Employment [section 2 ( 22 ) ]
- Income [section 2( 29 ) ]
- Permanent establishment [section 2( 41 ) ]
- Persons [section 2( 42 ) ]
- Taxable income [section 2( 64 ) Read with total income under section 2(69)]
- Taxpayer [section 2( 66 ) ]
- Tax year [[section 2 ( 68 ) ]
TAX ADMINISTRATION
[COVERED IN 19TH CHAPTER]
- Tax authorities [section 207]
- Circulars, orders and directions issued by the FBR [Section 206,213 and 2 14]
- Advance rulings [section 206 A]
Provisions governing persons [Section 80 to 84]
Central concepts
Person
Resident and non / resident persons
Associates