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Income Tax Accounting

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Income Tax Accounting

This course is basically designed to give the students idea about income tax among the different types of taxation systems prevailing in Bangladesh. Topics will be covered from basic concepts of tax, tax authority, classifications of income, tax calculation from salary income, income from interest on securities, income from house property, income from agriculture, income from business /profession, capital gain tax, tax deducted at source to imposing penalty for non-compliance of the income tax ordinance. At the end of the course, the students will be better able to understand and interpret the income taxes and its related concept.

ACN 201- Accounting Principles

  1. It is the student’s responsibility to gather information about the assignments and covered topics during the lectures missed. Regular class attendance is mandatory. Points will be taken off for missing classes. Without 70% of attendance, sitting for final exam is NOT allowed. According to IUB system students must enter the classroom within the first 20 minutes to get the attendance submitted.
  2. The date and syllabus of quiz, midterm and final exam is already given here, however, announcements will be given ahead of time. There is NO provision for make-up quizzes.
  3. The reading materials for each class will be given prior to that class so that student may have a cursory look into the materials.
  4. Class participation is vital for better understanding of sociological issues. Students are invited to raise questions.
  5. Students should take tutorials with the instructor during the office hours. Prior appointment is required.
  6. Students must maintain the IUB code of conduct and ethical guidelines offered by the School of Business.
  7. Students must refrain from any type of cheating and/or plagiarism in a course. Any student acting otherwise will receive an “F” grade in the course. School of Business, IUB, maintains a zero tolerance policy regarding violation of academic integrity.
  1. Students are not allowed to keep bags, handouts, books, mobile phones, smart watches or any other smart electronic devices with them during any exam. Students are advised to keep everything in the front of the class room before the exam starts. Please note that, just carrying any smart electronic devises (even if the devise is turned off or put it in silent mode) during the exam will be considered as “cheating”. Moreover, during the exam, anything written on hand palms (or anywhere else) and carrying paper materials (whatever is written) will be considered as “cheating”. Any sorts of “cheating” will result in an “F” grade with no exception. During the exam, students are only allowed to carry pen, pencil, eraser, sharpener, ruler, highlighter and calculator in a clear plastic bag.
Type of Evaluation Nos. Weight
Class Attendance and Participation 100% 5
Quiz (Best two will be counted) 5 20
Project and Presentation 01 20
Midterm Exam 01 25
Final Exam 01 30
Total   100%

[Class attendance is mandatory; failure to do so may deduct the final marks]

The following chart will be followed for grading. This has customized form the guideline provided by the school of Business.

A A- B+ B B- C+ C C- D+ D F
90-100 85-89 80-84 75-79 70-74 65-69 60-64 55-59 50-54 45-49 0-44

* Numbers are inclusive

The course will be based mostly on the following books [some other books and journals may be referred time to time]:

  • Bangladesh Income Tax: Theory and Practice by Shil, Masud & Alam, 9th Edition

 

  • Income Tax Ordinance, 1984

 

  REFERENCE:

  • Basics of Taxation- by Prof. Mahbubur Rahman, Former Commissioner of Direct Taxes
  • Taxing of Diversified Income of an Individual- by Prof. Mahbubur Rahman.

 

Link to virtual learning system: http://103.254.86.4/sb/ (School of Business – Faculty name- Login as a guest- password is 1234).

Sessions Topic Learning Outcomes Readings
Session -1 Introduction Introduction to Income Tax

Explanation of Course Outline

Course Outline
Session -2 Taxation System Concept of Public Finance

Sources of  Public Revenue

Definition of  “Tax” & Characteristics of Tax

Purposes of Taxation

Classification  of Taxes

Shil, Masud

Chapter1

 

Pages 1-25

 

Handout available on virtual learning system

Session -3 Bangladesh Income Tax

 

Income Tax Ordinance, 1984

Objective & Importance of Income Tax

Scope of Bangladesh Income Tax Law

 

History of Income Tax In Bangladesh

Income Tax Payment Cycle

 

Shil, Masud

Chapter 2

 

Pages 26-49

 

Handout available on virtual learning system

Session -4 Basic of Income Tax Define Income year and Assessment year

Definition of Assessee

Classification of Assessee

Residential Status of Assessee & Individual

Residential Status Determination

Effects of Residential Status in Assessing Income

Illustration 3-9, 3-15

Tax Rates

 

 

Shil, Masud

Chapter 3

 

Pages 50-82

 

Handout available on virtual learning system

Session -5 Income and Its Classification Definition of Income

Sources of Income

Non-Assessable Income

Tax Credit Income

Shil, Masud

Chapter 5

Pages 99-130

 

Handout available on virtual learning system

 

 

 

Session -6

 

 

 

Income From Salary

 

 

 

Elements of Salary and Explanations

 

Relevant Problem Solving from Text

Shil, Masud

Chapter 6

 

Pages 131-169

 

 

 

Session-7

 

Income From Salary

 

 

Quiz 1

 

Elements of Salary and Explanations (continues)

Relevant Problem Solving from Text

 

Chapter 1, 2 & 3

Shil, Masud

Chapter 6

Pages 131-169

 

 

Session -8 Income From Salary

 

 

Elements of Salary and Explanations (continue)

Tax Deducted Sources from salary

 

Relevant Problem Solving from Text

 

Shil, Masud

Chapter 6

 

Pages 131-169

 

 

Session -9 Income From Interest Securities

 

 

 

 

 

Meaning of “Interest and Securities.”

Classification of  Securities

Admissible expense of income from Interest on Securities

Relevant Problem Solving from Text

 

 

Shil, Masud

Chapter 7

 

Pages 170-189

Session -10 Income From Interest Securities

 

 

 

Relevant Problem Solving from Text (Continue)

Shil, Masud

Chapter 7

Pages 170-189

 

Session -11 Income From House Property

 

 

 

 

 

 

Introduction

Non-Assessable Income under Income From House Property

Relevant Example  Solving from Text

 

Shil, Masud

Chapter 8

 

Pages 190-217

Session -12 Income From House Property

 

 

 

Quiz 2

Admissible Expenses of House Property [SECTION:25]

 

Relevant Problem Solving from Text (Continue)

Chapter : 6&7

Shil, Masud

Chapter 8

 

Pages 190-217

 

 

Session -13 Income From House Property

 

Relevant Problem Solving from Text (Continue)

 

Review Class for Mid-Term Exam

Shil, Masud

Chapter

Pages 190-217

 

 

Session -14 Midterm Exam  CHAPTERS 1,2,3,5,6,7,8 Shil, Masud, Chapter 1,2,3,5,6,7,8
Session -15 Income From Agriculture Introduction

Scope of Agricultural Income

Gain from the sale of machinery or plant

 

Relevant Problem Solving from Text

 

Shil, Masud

Chapter 09

 

Pages 218-241

 

Session -16 Income From Agriculture Classification of Agricultural Income

 

Relevant Problem Solving from Text (Continue)

 

Shil, Masud

Chapter 09

 

Pages 218-241

 

Session -17 Income From Agriculture Relevant Problem Solving from Text (Continue) Shil, Masud

Chapter 09

 

Pages 218-241

 

Session -18 Income From Business or Profession

 

 

 

 

 

 

Meaning of “Business and Profession.”

Scope of income from Business and Profession

Relevant Problem Solving from Text

Shil, Masud

Chapter 10

 

Pages 242-276

 

 

 

 

 

 

 

Session -19

 

Income From Business or Profession

 

 

 

Relevant Problem Solving from Text (Continue)

 

 

 

Shil, Masud

Chapter 10

 

Pages 242-276

 

 

Session -20 Capital Gain Definition

Computation of Capital Gains

Relevant Problem Solving from Text

 

Shil, Masud

Chapter 11

 

Pages 277-291

 

 

Session -21 Income  From Other Sources Scope of Income from other Sources

Relevant Problem Solving from Text

Shil, Masud

Chapter 12

 

Pages 292-319

Session -22 Tax Deducted at Source

 

 

 

Quiz 3

Concept of TDS and its benefits

Application of TDS for Salary, Security etc.

Relevant Problem Solving from Text

 

Chapter : 9, 10 &11

 

 

Shil, Masud

Chapter 14

 

Pages 333-374

 

Session -23 Advance Income Tax Concept of advance income tax

Computation of advance income tax

 

Relevant Problem Solving from Text

 

 

Shil, Masud

Chapter 15

 

Pages 375-385

 

Session -24 Return of Income Who is required to file a return of income

When should submit return of income

Shil, Masud

Chapter 17

Pages 404-416

 

Session -25  Project Presentation Case Presentation  Project Presentation
Session -26 Final Exam Chapter 9,10,11,12,14,15 and 17 Shil, Masud

Chapter 9,10,11,12,14,15 and 17

Students who are willing to audit the course are welcome during the first two classes and are advised to contact the instructor after that.

Plagiarism- that is the presentation of another person’s thoughts or words as though they were the students’ own – must be strictly avoided. Cheating and plagiarism on exam and assignment are unacceptable.

Please see the green book for further information about academic regulation and policies, including withdrawal and grading, apples and penalties for pilgrims and academic misconduct.

Students with disabilities are required to inform the School of Business/ Department of Economics of any specific requirement for classes or examination as soon as possible.