Income Tax & VAT Management

Value Added Tax
" Online & Offline Classroom Certificate Course "
Registration Last Date: 30 May, 2024
Venue: House# 05 (1st Floor), Flat# A-1, Road # 17, Block # D, Banani, Dhaka -1213 (Classroom)

Offline & Online (Both Option Training)

Introduction:

Valued Added Tax (VAT) & Income Tax is a very important matter of today’s life. Everybody comes across different aspects of VAT & Tax in course of his daily life and professional life. Be it an industry or any business house or any government or non-government office, there lies either the need for paying Tax & VAT or deducting Tax & VAT at source. All retail buyers require knowing the need for and importance of taking Tax & VAT Challan. So, it is important for everyone to obtain basic knowledge on Tax & VAT. It is more important for them whose decisions matter for their businesses, industries and offices. Moreover, people dealing with income tax, audit, management, finance, procurement, bills payable etc. sections in different businesses and industries require knowing many things regarding Tax & VAT, some of those matters are tricky in nature. Updated knowledge in the area is needed to lead a team in corporate houses. An executive or a corporate team leader not only requires to know the rules and regulations currently in practice but for promoting the purposes of the organizations, they require to know what rules and regulations are in the offing that will impact them. The Value Added Tax and Supplementary Duty Act, 2012 (new VAT law) has been passed by the parliament in 2012. Preparatory work is now going on to make the law fully effective from 1 July 2019. The executives and corporate leaders require knowing promptly what are the basic features of the new VAT law and how the new VAT law differs from the VAT law currently in force. The new VAT law shall be implemented through automated system. So, it also requires knowing what shall be the role of the VAT payers in the automated process. VAT deduction at source is a very important aspect of our VAT system today. People serving in the VDS withholding entities require knowing in details the provisions regarding VDS. This program is designed to provide the participants the VAT knowledge in these areas.

This special tax training program is designed for those who are interested to learn how tax return can be filled-up properly because a practical tax return will be filled-in from audited accounts. Moreover, TDS return will also be filled-in practically. These 2 return form fill-up is the main attraction of this course. Other issues like TDS, DTAA, Transfer Pricing, Assessment, Penal procedure, Appeal etc. will come automatically.

How will participants benefit after this training?

The objective and purpose of this course is to provide income tax knowledge especially salary tax, withholding tax and major changes proposed through Budget, 2023. Thus, attending the course, the participants can develop a synoptic view of the INCOME TAX system and on that basis they would be able to perform their INCOME TAX related jobs themselves. Without basic INCOME TAX knowledge, facing an INCOME TAX related problem, anybody becomes confused and worried. On completion of the course, the participants will get knowledge to understand their problems, to do their jobs themselves and to help others in INCOME TAX matters. Thus, they will be able to run the fiscal management in their organizations in far better way; protect their organizations from future troubles; and would be able to develop their career in finance, INCOME TAX and management areas.

The purpose of this program is to provide the participants basic understanding regarding the features of the new VAT law and to make them understand how the new VAT law is different from the current VAT law (VAT Act, 1991). Thus, attending the program, the participants:

— Can develop knowledge regarding the basic features of the new VAT law;
— Can develop knowledge regarding how the new VAT law is different from the current VAT law;
— Can understand the basic features of the automated system through which the new VAT law shall be implemented;
— Can understand their role to implement the new VAT law;
— Can understand the basic provisions of current VDS system;
— Can plan strategies for their organizations ahead to reap the benefits of the provisions of the new VAT law;
— Can further develop their career in VAT, customs, finance and management.

Contents of Training:

Day: 01 (VAT)

  1. Basic Structure of NBR,
  2. Structure of VAT Commissionerate and Field Offices, Brief history of Value Added Tax (VAT),
  3. Brief discussion on Indirect and Direct Tax,
  4. Important Definitions of VAT Act,
  5. Brief discussion on 1st, 2nd & 3rd Schedule,
  6. VAT collection Procedure.
Day: 02 (VAT)

  1. VAT Registration & Procedure,
  2. Amendment of Registration,
  3. Central VAT Registration & Procedure,
  4. Turnover Tax Enlistment & Procedure,
  5. Thresholds for Registration and Enlistment,
  6. VAT Registration process through online (A Practical demonstration).
Day: 03 (VAT)

  1. VAT Accounting and bookkeeping – A Practical demonstration as per Rule 40 of VAT & SD Rules, 2016,
  2. VAT Invoice,
  3. Obligation & Record keeping,
  4. Credit note,
  5. Debit note,
  6. Transfer of Goods & Contract Manufacturing,
  7. Importance & mandatory of Record keeping for Trader, Importer, Manufacturer & Exporter.
Day: 04 (VAT)

  1. VAT Deduction at Source (VDS),
  2. Required to deduct VAT,
  3. Rate of VAT Deduction at source,
  4. Deducting Authority and their responsibility,
  5. Procedure of deduction, deposit & record keeping.
  6. How to handle VDS Audit by the Authority?
  7. Process of Input-Output co-efficient declaration,
  8. Base Value calculation for VAT & SD,
  9. SD impose & collection,
  10. Case Study (Input-Output co-efficient declaration),
  11. Net Tax calculation & payment
Day: 05 (VAT)

  1. Definition of Inputs,
  2. Input Tax Credit (VAT Rebate),
  3. Input Tax Credit Mechanism,
  4. Where Input Tax Credit Allowed or Not,
  5. VAT Authority,
  6. Power of Adjudication, Offences and Penalty Under VAT Act,
  7. Appeal Procedure & required documentation.
Day: 06 (VAT)

  1. Increasing & Decreasing Adjustment,
  2. Preparation of VAT Return,
  3. Full process of online VAT return submission (A Practical demonstration),
  4. Correction of VAT Return.
Day: 07 (Tax)

  1. Discussion on Income Tax Authorities,
  2. Difference between direct tax and indirect tax, income year and assessment year,
  3. Heads of income,
  4. Tax rates of individual including surcharge and company tax rates,
  5. List of reduced tax rates as per SRO.
Day: 08 (Tax)

  1. Types of return form,
  2. Mandatory requirement of filling return,
  3. Tax Day,
  4. Deduction/Collection of tax at source,
  5. Procedure of deduction,
  6. Deposit & record keeping,
  7. Process of Advance payment of Tax

 

Day: 09 (Tax)

  1. Introduction of Corporate Tax,
  2. Detail discussion on company tax compliance,
  3. Penalty for non-submission of return,
  4. Amended return,
  5. Revised return,
  6. Discussion on various notices,
  7. Tax audit & assessment
Day: 10 (Tax)

  1. Salary tax calculation,
  2. Calculation of investment tax rebate,
  3. Calculation of house property income,
  4. Individual income tax return fill-up,
  5. Calculation of wealth statement and lifestyle statement
Price:

10,000.00৳ 

Course Details
Date
31st May to 6th July, 2024
Time
Evening (7:00 PM to 9:00 PM)
Classes / Sessions
10
Class Schedule
Friday & Saturday (Every week)
Total Hours
20
Management Trainees . Accounts/Finance Executives . Manager/Sr. Manager (F & A) . Tax and VAT consultant . Fresh Graduates / Students.
Arrangement for Tea & Snakes would be made by the Organizer during the training.
Narayan Chandra Bhakta
Independent Taxation (VAT & Tax) Consultant

Narayan Chandra Bhakta, is an autodidact & renowned VAT, Tax Consultant & practitioner in Bangladesh. Harmonizing business endeavors with benevolent efforts by ensuring proper VAT, Tax is the principle of Narayan Chandra Bhakta. His prodigy is widely recognized and accredited in this arena.

He has 15 years’ experience in VAT, Tax, Government Regulations, Stakeholder Management, Tax law & Audit & Strategic Tax planning to ensure maximum benefit for the company. He is also experienced in managing complex business in a sustainable way by handling VAT, Tax issues, Developing strategic relationship, convincing & executing strategic Tax plan in the most latest methodical approach, accumulating documents for tax audit & ensuring functional excellence to achieve the final target. He is considered as a result-oriented Leader, driven by the desire to excel business with proper support in VAT, Tax issues, along with expertise in VAT, Tax & sound in reporting & documentation.

He is sound in VAT, Tax Solution, Tax Planning & Documentation, Contract Review, Negotiation & Cost Control, Legal & Regulatory Issues, Tax law & Audit process, Financial Analysis & Business Law & Policy making issues. He has been working as Head of Taxation at Kansai Nerolac Paints (Bangladesh) Limited from Nov’19 to till now & leading entire functionalism of taxation department. Before that, he worked for Coats Bangladesh Limited as Manager – Indirect Taxation. Before that, he worked for International Beverages Private Limited (Bangladesh subsidiary of The Coca-Cola Company). He worked there for 6 years and his last designation was Deputy Manager - Taxation. He has several achievements & contributions in the organization. He has proposed & implemented several policies & improved the process. He also worked for Asian Consumer Care Pvt. Ltd. (A Joint Venture with Dabur International Limited & ACI Ltd) as an Executive (Finance & Accounts). He started his career from HICARE (Society for education and care of hearing impaired children of Bangladesh as a Coordinator – Accounts in Jan’06.

He is a certified Income Tax Practitioner (ITP) from National Board of Revenue (NBR). He has completed Bachelor of Law (LL.B) from National University. He has also completed CA Course from Shiraz Khan Basak & Co under the ICAB. He has done MBA in Finance from University of Liberal Arts Bangladesh in 2011 & M.Com in Management from Jagannath University in 2005.

Offline & Online (Both Option Training)

Introduction:

Valued Added Tax (VAT) & Income Tax is a very important matter of today’s life. Everybody comes across different aspects of VAT & Tax in course of his daily life and professional life. Be it an industry or any business house or any government or non-government office, there lies either the need for paying Tax & VAT or deducting Tax & VAT at source. All retail buyers require knowing the need for and importance of taking Tax & VAT Challan. So, it is important for everyone to obtain basic knowledge on Tax & VAT. It is more important for them whose decisions matter for their businesses, industries and offices. Moreover, people dealing with income tax, audit, management, finance, procurement, bills payable etc. sections in different businesses and industries require knowing many things regarding Tax & VAT, some of those matters are tricky in nature. Updated knowledge in the area is needed to lead a team in corporate houses. An executive or a corporate team leader not only requires to know the rules and regulations currently in practice but for promoting the purposes of the organizations, they require to know what rules and regulations are in the offing that will impact them. The Value Added Tax and Supplementary Duty Act, 2012 (new VAT law) has been passed by the parliament in 2012. Preparatory work is now going on to make the law fully effective from 1 July 2019. The executives and corporate leaders require knowing promptly what are the basic features of the new VAT law and how the new VAT law differs from the VAT law currently in force. The new VAT law shall be implemented through automated system. So, it also requires knowing what shall be the role of the VAT payers in the automated process. VAT deduction at source is a very important aspect of our VAT system today. People serving in the VDS withholding entities require knowing in details the provisions regarding VDS. This program is designed to provide the participants the VAT knowledge in these areas.

This special tax training program is designed for those who are interested to learn how tax return can be filled-up properly because a practical tax return will be filled-in from audited accounts. Moreover, TDS return will also be filled-in practically. These 2 return form fill-up is the main attraction of this course. Other issues like TDS, DTAA, Transfer Pricing, Assessment, Penal procedure, Appeal etc. will come automatically.

How will participants benefit after this training?

The objective and purpose of this course is to provide income tax knowledge especially salary tax, withholding tax and major changes proposed through Budget, 2023. Thus, attending the course, the participants can develop a synoptic view of the INCOME TAX system and on that basis they would be able to perform their INCOME TAX related jobs themselves. Without basic INCOME TAX knowledge, facing an INCOME TAX related problem, anybody becomes confused and worried. On completion of the course, the participants will get knowledge to understand their problems, to do their jobs themselves and to help others in INCOME TAX matters. Thus, they will be able to run the fiscal management in their organizations in far better way; protect their organizations from future troubles; and would be able to develop their career in finance, INCOME TAX and management areas.

The purpose of this program is to provide the participants basic understanding regarding the features of the new VAT law and to make them understand how the new VAT law is different from the current VAT law (VAT Act, 1991). Thus, attending the program, the participants:

— Can develop knowledge regarding the basic features of the new VAT law;
— Can develop knowledge regarding how the new VAT law is different from the current VAT law;
— Can understand the basic features of the automated system through which the new VAT law shall be implemented;
— Can understand their role to implement the new VAT law;
— Can understand the basic provisions of current VDS system;
— Can plan strategies for their organizations ahead to reap the benefits of the provisions of the new VAT law;
— Can further develop their career in VAT, customs, finance and management.

Contents of Training:

Day: 01 (VAT)

  1. Basic Structure of NBR,
  2. Structure of VAT Commissionerate and Field Offices, Brief history of Value Added Tax (VAT),
  3. Brief discussion on Indirect and Direct Tax,
  4. Important Definitions of VAT Act,
  5. Brief discussion on 1st, 2nd & 3rd Schedule,
  6. VAT collection Procedure.
Day: 02 (VAT)

  1. VAT Registration & Procedure,
  2. Amendment of Registration,
  3. Central VAT Registration & Procedure,
  4. Turnover Tax Enlistment & Procedure,
  5. Thresholds for Registration and Enlistment,
  6. VAT Registration process through online (A Practical demonstration).
Day: 03 (VAT)

  1. VAT Accounting and bookkeeping – A Practical demonstration as per Rule 40 of VAT & SD Rules, 2016,
  2. VAT Invoice,
  3. Obligation & Record keeping,
  4. Credit note,
  5. Debit note,
  6. Transfer of Goods & Contract Manufacturing,
  7. Importance & mandatory of Record keeping for Trader, Importer, Manufacturer & Exporter.
Day: 04 (VAT)

  1. VAT Deduction at Source (VDS),
  2. Required to deduct VAT,
  3. Rate of VAT Deduction at source,
  4. Deducting Authority and their responsibility,
  5. Procedure of deduction, deposit & record keeping.
  6. How to handle VDS Audit by the Authority?
  7. Process of Input-Output co-efficient declaration,
  8. Base Value calculation for VAT & SD,
  9. SD impose & collection,
  10. Case Study (Input-Output co-efficient declaration),
  11. Net Tax calculation & payment
Day: 05 (VAT)

  1. Definition of Inputs,
  2. Input Tax Credit (VAT Rebate),
  3. Input Tax Credit Mechanism,
  4. Where Input Tax Credit Allowed or Not,
  5. VAT Authority,
  6. Power of Adjudication, Offences and Penalty Under VAT Act,
  7. Appeal Procedure & required documentation.
Day: 06 (VAT)

  1. Increasing & Decreasing Adjustment,
  2. Preparation of VAT Return,
  3. Full process of online VAT return submission (A Practical demonstration),
  4. Correction of VAT Return.
Day: 07 (Tax)

  1. Discussion on Income Tax Authorities,
  2. Difference between direct tax and indirect tax, income year and assessment year,
  3. Heads of income,
  4. Tax rates of individual including surcharge and company tax rates,
  5. List of reduced tax rates as per SRO.
Day: 08 (Tax)

  1. Types of return form,
  2. Mandatory requirement of filling return,
  3. Tax Day,
  4. Deduction/Collection of tax at source,
  5. Procedure of deduction,
  6. Deposit & record keeping,
  7. Process of Advance payment of Tax

 

Day: 09 (Tax)

  1. Introduction of Corporate Tax,
  2. Detail discussion on company tax compliance,
  3. Penalty for non-submission of return,
  4. Amended return,
  5. Revised return,
  6. Discussion on various notices,
  7. Tax audit & assessment
Day: 10 (Tax)

  1. Salary tax calculation,
  2. Calculation of investment tax rebate,
  3. Calculation of house property income,
  4. Individual income tax return fill-up,
  5. Calculation of wealth statement and lifestyle statement