Objectives:

E-filing of Annual Income Tax Return alongwith wealth statement and wealth reconciliation by SALARIED TAXPAYERS is mandatory where salary income exceeds Rs. 400,000, non-submission of 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 2017 and 2018 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 2017 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 their company and colleagues from burden of undue taxes.

Contents:

1)      An overview of the important sections of the ordinance relevant to salary taxation alongwith applicable rules prescribed in the Income Tax Rules, 2002.

2)      Tax treatment of different components of salary including allowances and perquisites

3)      Handling complex issues involve in salary taxation including but not limited to the tax treatment of:

• Payment to foreign nationals or non-resident employees.
• Salary received from abroad
• Salary paid to the employees working abroad etc.
• Directors' Salaries, Fee and other remunerations

4)      Exemptions available to salaried taxpayers

5)      Available sources to claim different Tax Credits and Directly Deductible Allowances

6)      Treatment of Tax Reductions and Rebates

7)      Tax treatment of Golden Handshake and termination benefits

8)      Exemptions, requirements and tax treatments of the following retirement benefits:

• Provident Funds
• Gratuity

9)      Computation of taxable income and tax liability for Tax Years 2017 and 2018 under different general and complex scenarios. 

10)   Preparation and e-filing of Income Tax Return and Wealth Statement alongwith reconciliation

11)   Handling notices and departmental proceedings u/s 114, 116, 121, 122, 177 & 182

12)   All above with Practical examples and Group discussion