FIN623 Handouts pdf download | Taxation Management Notes (pdf)

FIN623: Taxation Management

Tax management refers to financial management, for the purpose of paying taxes. Tax Management deals with completing Refunds on time, obtaining audited accounts, deducting tax from source, etc. The tax Administration helps to avoid interest payments, fines, and prosecution. FIN623 Handouts pdf

FIN623 Handouts pdf

Course Category: Accounting, Banking & Finance FIN623 Handouts pdf

Course Outline

An Overview of Taxation, Basic Features of Income Tax, Statutory Definitions, Determination of Legal Status of a Person, Scope of Income, Heads of Income, Residential Status & Taxation, Salary and its Computation, Salary and its Computation Gratuity Received under Sixth Schedule, Income from Property, income from Business & its Computation, Capital Gains, Income from Other Sources, Set off of Losses, Tax Returns & Assessment of Income & Universal Self-Assessment Scheme, Advance Tax,

Collection & Recovery of Tax and Penalties & Prosecution, Taxation of Individuals and Taxation of Association of Persons, Taxation of Companies, Presumptive Income Taxation of Permanent Establishment (PE), Tax Returns & Assessment of Income & Universal Self-Assessment Scheme, Advance Tax, Collection & Recovery of Tax and Penalties & Prosecution, Appeals and References & Federal Tax Ombudsman, Sales Tax, Sales Tax Returns, Capital Value Tax (CVT), Annexure. FIN623 Handouts pdf

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FIN623: Taxation Management

Canons of Taxation:


This principle means that the tax system must be clear, and easily understood by the taxpayer.


The luxury of a taxpayer and a tax collector should be the backbone of any tax system. Taxing time, and tax collection should be easy for taxpayers.


This cannon suggests that the amount of the payment should be definite and there should be no misrepresentation or ambiguity regarding the amount of tax to be paid by the taxpayer.


The tax system should be based on the principles of equality, fair play, and all known principles of environmental justice.

Capacity to Pay

This policy proposes that the tax system should be based on the taxpayer’s ability to provide, those with higher incomes should pay higher taxes/rates, whereas as low-income earners, tax should be paid in less or half.

Benefit principle

This principle suggests that taxes should be levied on the basis of personal benefits. As additional benefits come to low-income groups, so according to this system, those earning more but enjoying less government benefits should be taxed at lower rates, and those people earning less but more government benefits should be taxed. at high prices.

Business Friendly

According to this principle, tax policy should be such as improving the business environment and not promoting the investment climate.

Type of Taxes:

The different types of taxes are described below:

Direct taxes

Direct taxes are taxes where the tax is on the taxpayer. For example, income tax

Indirect Taxes

Indirect taxes are taxes where tax cases can be waived by the individual taxpayer. For example, sales tax

Proportional Taxes

These taxes are charged at the same rate. For example, sales tax is charged at a rate of 15%.

Progressive Taxes

This is based on the “ability to pay” tax policy. In this case, the tax rate increases as revenue growth.

Regressive Taxes

A regressive tax is the opposite of a Progressive Tax. Based on the benefits obtained. The type of tax that takes a higher percentage of the income of low-income earners is called regressive tax.

Value-Added Taxes.

This type of tax is levied on each value-added category. For example sales tax


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FIN623: Taxation Management Notes (pdf)