Currently the submission of Annual Income Tax Return by salaried taxpayers is mandatory where salary income exceeds Rs. 400,000 similarly efiling is mandatory where income is Rs. 500,000 or more, alongwith return filing of Wealth statement is also mandatory, non-submission return and wealth statement will attract minimum penalty of Rs. 40,000/-. Furthermore, deduction of tax from salary and submission of Monthly and Annual Withholding Statements are also mandatory for the Persons paying salary. Noncompliance may attract penalty of Rs. 2,500/- per day for single monthly statement u/s 182 of the Income Tax Ordinance, 2001.
Generally it seems that the personnel dealing with salary taxation of employees of an organization carries general understanding of taxation matters but facing problems in handling complex issues like adjustment of other taxes paid by the employees, tax credits, deductible allowances, previous years' refundable amount of taxes, treatment of retirement benefits, loans to the employees, transfer of assets, handling different types of notices etc.
This Day long workshop is being organized where COMPLEX SALARY TAXATION matters for Tax Years 2016 and 2017 shall be discussed in the light of Income Tax Ordinance, 2001, Income Tax Rules, 2002 and Superior Courts' Judgments.
Additionally EFILING of INCOME TAX RETURN and WEALTH STATEMENT for Tax Year 2016 shall be the focused areas.
At the end of the session, the participants will be able to prepare and e-file their own Income Tax Return, wealth statement and handle departmental proceedings in a professional manner. Additionally the personnel responsible for salary taxation of the employees will also be able to professionally handle the withholding matters u/s 149, 161, 205 to save the company and their colleagues from payment of extra taxes.