Practical Approach tο Tax Laws

Practical Approach tο Tax Laws
Income Tax and Sales Tax

Part-I - Income Tax

•   Charge of Tax


•   Tax on Taxable Income


•   Deductible and Non-Deductible Expenses


•   Accounting Methods for Business Income


•   Amortization of Intangible Assets


•   Capital Gains


•   Exemptions


•   Deductible Allowances & Tax Credits


•   Income Tax Return & Wealth Statement


•   Maintenance of Records, Search of Premises & Posting of Officer


•   Audit


•   Assessment


•   Recovery of Tax and Stay against Recovery


•   Refund, Processing of Refund & Additional payment for delayed Refund


•   First Appeal


•   Second Appeal


•   Reference Application before the High Court


•   Federal Tax Ombudsman


•   Alternative Dispute Resolution


•   Rectification of Mistakes


•   Withholding of Income Tax at Source


•   Unexplained Income or Assets


•   Minimum Tax on Income of Certain Persons


•   Representation on behalf of Taxpayer


•   Refund of Excess Tax


•   Tax Rates

Part-II - Sales Tax

•   Introduction of Sales Tax


•   Scope of Sales Tax


•   Zero Rating


•   Time and Manner of Payment


•   Determination of Tax Liability and Input Tax Adjustment


•   Disallowance of Input Tax Credit


•   Refund of Input Tax


•   Scope and Payment of Tax


•   Sales Tax Exemptions


•   Registration, Consequences of Non-Registration and De-Registration


•   Audit, Investigation and Search


•   Penalties


•   Appeals and Reference Application


•   Recovery of Arrears of Tax


•   Banking Channel Transactions


•   Special Procedure for Electronic Sales Tax Invoices


•   Monitoring & Tracking of Restaurants, Cafes, Hotels and Food Businesses -Simplified


•   Filing of Sales Tax Returns


•   Prize Scheme


•   Procedure for Sealing and De-Sealing of Tier-1 Retailers' Business Premises


•   Special Provisions relating to Services


•   Determination of Minimum Tax Liability