Taxation II

Course Code: ACT 412

Credit Hour: 3

Course Group: Specialization Course: Accounting

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Introduction to Income Tax in Bangladesh: Basics of income tax, income year, assessment year, assesses computation of total income, income tax rate, minimum charge, special tax rate, tax exemption, TIN, income tax authority, income and its classification, Income from - Salary, Interest, House Property, Agriculture, Business Profession, Capital Gain, Income from other Sources, TDS, Advanced Income Tax, Set off and Carry forward, Return of income.

Assessment of Companies: Definitions, residual status of companies, submission of returns, set off and carry forward of losses, withholding of tax, advance payment of tax, fiscal incentives, applicable tax rate for companies, tax rebate, transfer pricing, assessment procedure.

Tax Deducted at Source (TDS): Definition, advantages, TDS as per ITO and IT Rules, incomes subject to deducted at source, certificate of deduction, payment to government, minimum tax u/s 82c.

Advance Income Tax: Who is liable to pay advance income tax? Computation of advance income tax, payment system, consequences of payment and not payment of advance income tax, payment of tax on the basis of return.

VAT: History and evaluation of VAT, definition of VAT, definition, characteristics, merit and demerit, Reasons behind VAT, Sales Tax vs VAT, Registration for VAT, tax credit on input tax, procedure of input tax credit in respect of goods and service, imposition of supplementary duty, imposition of turnover tax challenge, VAT return and its submission, appeal, refund of excess tax.

Gift Tax: Defining of gift, scope of gift tax in Bangladesh, chargeability, exemption, valuation of gifts, return, assessment, penalty for default and concealment, notice of demand, recovery of tax and penalties, appeal and rates of gift tax.

Customs Duty: Bangladesh customs, objectives of customs act and procedure, customs procedure, scope of Bangladesh custom law, statutory definitions of important terms as per section 2 of the customs act 1969, customs authority, prohibited goods, levy of customs duty, exemptions and valuation.

Miscellaneous Taxes: Export duty, assessment, and prevention of smuggling, offences and penalties, travel tax, excise duty, baggage rules, narcotics duty and Liquor Duty, Stamp Duty (Non-Judicial), Land Development Tax, Taxes on Vehicle.

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Text Books:

Bangladesh Income Tax: Theory and Practice: Nikhil Chanrda Shil, (latest edition), Shams Publication.

Income Tax Ordinance, 1984

Value Added Tax Act and Rules 1991

Study Manual of Taxation of ICAB