Certified Tax Practitioner (Four Modules)

TRT (Tax Return Professional)

⮚ Income Tax Registration

⮚ Income Tax Laws

⮚ Income Tax Returns

• Salaried
• Business Individual
•  AOP
• Corporate

Sections And Laws

• Definitions [SEC 2]
• Tax on taxable income [SEC 4]
• Taxable Income [SEC 9]
• Total income [SEC 10]
• Head of Income [SEC 11]
•  Salary [SEC 12]
•  Income from property [SEC 15]
• Incomes from business [SEC 18]
•  Depreciation [SEC 22]
• Capital Gains [SEC 37]
• Capital gain on disposal of securities [SEC 37A]
• Income from other sources [SEC 39]
• Deduction in computing income chargeable under the head “income from other sources” [SEC 40]
• Agriculture Income [SEC 41]
• Set off losses [SEC 56]
• Carry forward of business losses [SEC 57]
• Carry forward of speculation business losses. [SEC 58]
• Carry forward of capital losses [SEC 59]
• Minimum Tax on income of certain persons [SEC 113]
• Return of income [SEC 114]
• Tax payer’s profile [SEC 114A]
• Persons not required furnishing a return of income [SEC 115]
• Wealth Statement [SEC 116]
• Filing income and asset statement [SEC 116A]
• Notice of discontinued business [SEC 117]
• Method of furnishing returns and other documents [SEC 118]
• Revision by commissioner [SEC 122A]
• Revision by legal commissioner [SEC 122B]
• Agreed Assessment in certain cases [SEC 122D]
• Tax payer registration [SEC 181]
• Active Tax payer list [SEC 181A]
• Withholdings [SEC 148-156]
• Advance Tax [SEC 231-236]
• Deductible allowances [SEC 60]
• Tax credits [SEC 61-63]
• Tax Year [SEC 74]
• Resident and non-residence individual, AOP & Company [SEC 81-84]
• ACT [SEC 113C]
• Advance Tax [SEC 147]

Sales Tax Registration

• Registration and person required to be registered [Sec 14]
•  Registration application (Rule 5)
• Registration application (Rule 5)
• Compulsory registration (Rule 6)
• Change in the particulars of registration (Rule 7)
•  Transfer of registration (Rule 8)
•  De-registration (Sec 21)

Sales Tax Laws

• Sales Tax Act 1990
•  Punjab Sales Tax on Services Act 2012
•  Sindh Sales Tax on Services Act 2011

Sales Tax Returns

• Return [SEC 26]
• Extension of time for furnishing returns [SEC 26AB]
• Special Returns [SEC 27]
•  Final Return [SEC 28]

FRP (Financial Reporting Professional)

Key Accountancy Concepts

1. Accrual and Cash basis accounting
2. Matching concept
3. Materiality concept
4. Going concern
5. Prudence concept
6. Substance over form concept
7. Consistency and comparability concept
8. Nature of accounting heads debit and credit

Use of Financial Ratios

Use of numerical values taken from financial statements to gain meaningful information about a company such as:

1. Liquidity ratios
2. Leverage ratios
3. Efficiency ratios
4. Profitability ratios
5. Market value ratios

Book Keeping

Professional bookkeeping of entities using most used software in market

1. QuickBooks
2. Bookkeeping using Microsoft excel

Professional Level Use of Microsoft Excel

1. Use of various formulas in excel
2. Shortcut keys
3. Use of Lookup and Pivot table
4. Managing and maintenance of data using excel
5. Daily assignments of course will be required to be prepared on excel.

Financial Statement Preparation

1. Enabling students to prepare professional level financial statements
2. Knowledge of financial statement disclosure requirements of various business sectors such as banking, insurance and manufacturing concerns.

Legal Requirements by SECP & FBR For Preparation and Presentation of

Financial Statements

1. Knowledge of legal requirements for Preparation and presentation of financial statements
2. Time, method and requirement of filing of financial statements with SECP & FBR

Financial Reporting Professional (FRP)

• International Accounting Standards (IFRS & IAS)
• Accounting & Bookkeeping (Xero, Quick books, MS Excel)
• Financial Statements Preparation
•  Ratio Analysis
• Business Feasibility Report

IFRS & IAS (Applicable Financial reporting framework)

International Accounting Standards

• Presentation of Financial Statements [IAS 1]
• Inventories [IAS 2]
• Statement of Cash Flows [IAS 2]
• Accounting Policies, Changes in Accounting Estimates and Errors [IAS 8]
• Events after the Reporting [IAS 10]
• Period
• Income Taxes [IAS 12]
• Property, Plant and Equipment [IAS 16]
• Employee Benefits [IAS 19]
• Accounting for Government Grants and Disclosure of Government Assistance [IAS 20]
• Borrowing Costs [IAS 23]
• Related Party Disclosure [IAS 24]
• Separate Financial Statements [IAS 27]
• Financial Instruments: Presentation [IAS 32]
• Earnings per Share [IAS 33]
• Impairment of Assets [IAS 36]
• Provisions, Contingent Liabilities and Contingent Assets [IAS 37]
• Intangible Assets [IAS 38]
• Financial Instruments: Recognition and Measurement [IAS 39]
• Investment Property [IAS 40]
• Agriculture [IAS 41]

International Financial Reporting Standard

• First-time Adoption of International Financial Reporting Standards [IFRS 1]
• Share-based Payment [IFRS 2]
• Insurance Contracts [IFRS 4]
• Non-current Assets Held for Sale and Discontinued Operations [IFRS 5]
• Financial Instruments: Disclosures [IFRS 7]
• Operating Segments [IFRS 8]
• Financial Instruments [IFRS 9]
• Disclosure of Interests in Other Entities [IFRS 12]
• Fair Value Measurement [IFRS 13]
• Revenue from Contracts with Customers [IFRS 15]
• Leases [IFRS 16]
• Insurance Contracts [IFRS 17]

Quick Books

• Techniques for Manual Accounting and Computerized Accounting.
• Basics to Accounting Software.
• Complete QuickBooks expertise.
• Decide the category of your industry and the type of your organization.
• Customize your business according to your company requirements.
• Create an effective company profile.
• Learn the difference between single and double-entry bookkeeping.
• Manage fiscal year data.
• Set tax percentages.
• Set product tax deductions.
• Perform forecasts and estimates.
• Make use of finance tracking.
• Manage financing timelines.
• Learn about setting up different accounts i.e. Revenue, Income, Expense.
• Setup the Chart of Accounts.
• Manage and input data in accounts.
• Manage customer information.
• Fill customer orders and carry out customer tasks.
• Manage sales and read receipts.
• Set up vendor and customer information.
• Delete and close customer/vendor tasks.
• Record and manage purchases.
• Learn the different journal entries and how they are used.
• Understand debit and credit concepts.
• Company data security and restoration.
• Learn to work with banks associated with your business.
• Practical application from real company data.
• Analyze financial data and advanced reports.

 

Bookkeeping in Detail (For Freelancing & Local Market)

• Bookkeeping techniques

MS Excel Advance

• MS-EXCEL spreadsheet usage
• Using the toolbar and different tabs
• Complete formatting and editing mastery
• Using Excel for business segments and business purposes
• How to apply excel function in business reporting and analysis context
• Learn how to apply arithmetic formulas and calculations
• Learn about cell referencing and applying conditional formulas
• Learn about creating new rules and conditions
• Learn how to create tables and use filters
• Learn how to format tables and link data
• Learn how to review and remove conflicting or duplicated data
• Learn various shortcuts from basic functions such as cut, copy, paste, paste special to
• advanced shortcuts such as data manipulation
• Formatting cells for currencies, dates, text functions
• Learn how to draw and edit charts and graphs
• Learn how to edit and infer from pie charts, bar graphs, histograms etc.
• Learn how to create pivot tables and manipulate shown data
• Learning about Slicers, Timelines, Report Connections, Group Selection, Calculated Fields
• Learn about using Look Up and Reference Functions
• Learn how to conduct Forecasts and apply "What-If Analysis"
• Learn about Goal Seek
• Learn how to use scenario manager functions
• Learn about using forecasting functions
• Learn the concepts for relative and absolute Macros
• Learn about using the developer options such as Form Controls and ActiveX Controls
• Learn about writing basic commands
• Learn how to manage large data series
• Practical Application with Examples

CRP (Corporate Registration Professional)

SECP Registration and Compliances

• How to create login?
• How to reserve name of a company?
• How to Register a Company?
• How to appoint auditor of the company?
• How to file annual form i.e. Form A&29?
• How appoint authorized signatory?
• How to appoint/change of any director or CEO?
• How to increase the share capital?
• Change of Company Name
• Change of company Address
• Ultimate Beneficial Ownership (UBO Compliance)
• How to apply certified true copy of any document?
• How to change principal line of the company?
• How to alter memorandum of Association?
• How to file of Annual Accounts?

FBR Registration

• National Tax Number (NTN)
• Sales Tax Registration Number (STRN)
• Updating of Multiple Forms

Provincial Sales Tax

• Punjab Revenue Authority Scope
• Punjab National Tax Number (PNTN)

Association of Persons (AOP) Formation and Compliance

Intellectual Property Organization (IPO Registration)

• Logo /Trade Mark Registration

Registration & Requirements in Chamber of Commerce

Import/Export license Registration & Requirements

TRNC (Tax Records & Notices Compliance)

Appeals & Authorities

• Appeal to the commissioner (Appeals) [SEC 127]
• Procedures in Appeal [SEC 128]
• Decisions in Appeal [SEC 129]
• Appellate tribunal [SEC 130]
• Appeals to Appellate Tribunal [SEC 131]
• Disposal of Appeals [SEC 132]
• Assessment giving effect to an order [SEC 124]
• Power of tax authorities to modify orders [SEC 124 A]
• Reference to high court [SEC 133]

Notices

• Unexplained income and assets [SEC 111]
•  Assessments [SEC 120]
•  Amendment of Assessment [SEC 122]
•  Due dates for payment of tax [SEC 137]
• Records [SEC 174]
• Notice to obtain information /evidence [SEC 176]
• Audit [SEC 177]
•  Best Judgment Assessment [SEC 121]
• Failure to pay Tax Collected or Deducted [SEC 161]
• Rectification of Mistakes [SEC 221]

Sales Tax Records and Notices

Appeals & Authorities

• Access to record, documents [SEC 25]
• Appeals [SEC 45B]
• Appeals to Appellate Tribunal and Revenue (ATIR) [SEC.46]
• Reference to the High Court [Sec.47]

Notices

• Assessment of tax & recovery of tax [SEC 11]
• Assessment of tax giving effect to an order [SEC 11B]
• Offering [SEC 33]
• Default Surcharge [SEC 34]
• Power to summon persons to give evidence and produce documents in inquiries under the act [SEC 37]
• Obligation to produce documents and provide information [SEC 38 B]
• Selection for Audit by the board [SEC 72B]

AAP (AUDIT ASSURANCE PROFESSIONAL)

External Auditing

Introduction To Auditing

• Describe auditing
• Distinguish between auditing and accounting
• Describe assurance services and distinguish audit services from assurance services
• Differentiate three main types of audits

Engagement Acceptance

Planning (Audit Risk, Materiality & Control testing)

• Discuss why adequate audit planning is essential.
• Identify factors considered by auditors in accepting new clients.
• Gain an understanding of client’s business and industry.
• Assess client’s business risk.
• Perform preliminary analytical procedures.
• Describe the major steps in audit process.
• Compute common financial ratios.

Quick Overview of Financial Statements, General Ledger & Trial Balance