LahoreUniversityofManagementSciences

ACCT370AppliedTaxation
FallSemester2017
Instructor HuzaimaBukhari
RoomNo. 441
OfficeHours 60minutespriortoandendofeachsession.
Email huzaima@hotmail.com andhuzaima@gmail.com
Telephone 03008463310
Secretary/TA TBA
TAOfficeHours TBA
CourseURL(ifany) suraj.lums.edu.pk

COURSEBASICS
CreditHours 3
Lecture(s) NbrofLec(s)PerWeek 2 Duration 75minuteseach
Recitation/Lab(perweek) NbrofLec(s)PerWeek NA Duration
Tutorial(perweek) NbrofLec(s)PerWeek Na Duration

COURSEDISTRIBUTION
Core YES
Elective
OpenforStudentCategory Juniorsandfinalists(firstsemesterofthefinalyearonly).Noseniorsinthefinalsemesterof2018.
ClosedforStudentCategory FreshmenandSophomores

COURSEDESCRIPTION

ThecoursecoversoperationofPakistanstaxsystem,bothdirectandindirectwithspecificreferenceto:
Computationoftaxableincomeundervariousheadsforindividuals,partnershipsandcorporations
Calculationoftaxliabilityincludingcomputationofvariousexemptionsandreliefsavailablefordifferentcategoriesof
taxpayers.
ExplanationandapplicationoftheprinciplesofGeneralSalesTax&FederalExciseTax.

COURSEPREREQUISITE(S)
ACCT100PrinciplesofFinancialAccounting(AND)ACCT130PrinciplesofManagementAccounting
AnunderstandingofaccountsfromPrinciplesofFinancialAccounting
Allstudentsarecompulsorilyrequiredtobringtheirownbooksandcalculatorstotheclass.
TaxlawsareeverchangingandeachyeartheFinanceActbringsinitswakeanumberofamendments.
ItisadvisedtoconsultthelatestlawasamendedbytheFinanceAct2016forthecourseandnotanearlierversion.

COURSELEARNINGOBJECTIVES
Thecourseaimsatgivingthestudents:
1. anopportunitytogainknowledgeandunderstandingintheareaofdirectandindirecttaxes
2. learnapplicationoftaxlawsrelatedtobothbusinessandindividualsowntaxmatters.

 LahoreUniversityofManagementSciences
LEARNINGOUTCOMES
Uponcompletionofthecourse,studentswillbeableto;

1. Demonstrateunderstandingofbothdirectandindirecttaxlaws
2. Applytheacquiredknowledgeindaytodayaffairs

UNDERGRADUATEPROGRAMLEARNINGGOALS&OBJECTIVES
GeneralLearningGoals&Objectives
Goal1EffectiveWrittenandOralCommunication
Objective:Studentswilldemonstrateeffectivewritingandoralcommunicationskills
Goal2EthicalUnderstandingandReasoning
Objective:Studentswilldemonstratethattheyareabletoidentifyandaddressethicalissuesinanorganizational
context.
Goal3AnalyticalThinkingandProblemSolvingSkills
Objective:Studentswilldemonstratethattheyareabletoidentifykeyproblemsandgenerateviablesolutions.
Goal4ApplicationofInformationTechnology
Objective:Studentswilldemonstratethattheyareabletousecurrenttechnologiesinbusinessandmanagement
context.
Goal5TeamworkinDiverseandMulticulturalEnvironments
Objective:Studentswilldemonstratethattheyareabletoworkeffectivelyindiverseenvironments.
Goal6UnderstandingOrganizationalEcosystems
Objective:StudentswilldemonstratethattheyhaveanunderstandingofEconomic,Political,Regulatory,Legal,
Technological,andSocialenvironmentoforganizations.

MajorSpecificLearningGoals&Objectives
Goal7(a)DisciplineSpecificKnowledgeandUnderstanding
Objective:Studentswilldemonstrateknowledgeofkeybusinessdisciplinesandhowtheyinteractincluding
applicationtorealworldsituations(Includingsubjectknowledge).
Goal7(b)Understandingthesciencebehindthedecisionmakingprocess(forMGSMajors)
Objective:Studentswilldemonstrateabilitytoanalyzeabusinessproblem,designandapplyappropriate
decisionsupporttools,interpretresultsandmakemeaningfulrecommendationstosupportthedecisionmaker

Indicatebelowhowthecourselearningobjectivesspecificallyrelatetoanyprogramlearninggoalsandobjectives.

PROGRAMLEARNINGGOALSAND COURSELEARNINGOBJECTIVES COURSEASSESSMENTITEM

OBJECTIVES
Goal1EffectiveWrittenandOral NA NA
Communication
Goal2EthicalUnderstandingand Ethicsisanessentialelementofthe NA
Reasoning course
Goal3AnalyticalThinkingandProblem Theentirecourserevolvesaroundthe Quizzes,exams,assignment.
SolvingSkills conceptofproblemsolvingandhoning
analyticalskills
Goal4ApplicationofInformation NA NA
Technology
Goal5TeamworkinDiverseand NA NA
MulticulturalEnvironments
Goal6UnderstandingOrganizational NA NA
Ecosystems

 LahoreUniversityofManagementSciences
Goal7(a)DisciplineSpecificKnowledge NA NA
andUnderstanding

Goal7(b)Understandingthescience NA NA
behindthedecisionmakingprocess

GRADINGBREAKUPANDPOLICY

Assignment(s):10%
Quiz(s):15%
Attendance:10%
MidtermExamination:25%
FinalExamination:40%

Students,ingroupsofnotmorethan5to6,areexpectedtowriteashort(2,500to3,000words)researchpaperwhichistobe
submittedbythedateannouncedatthebeginningofthecourse.

Therewouldbeatleast10unannouncedquizzesoutofwhich8bestwouldbeconsideredforgrading.

TherewillNOTbeanymakeupquizzes.Anyonemissingaquizwilldosoathis/herownrisk.Ininsuperablecasetheaverage
marks obtained by the class in general for that quiz OR the average mark obtained by the student in all his/her quizzes,
whicheverislower,wouldbeallottedotherwisethemarkwouldbeconsideredaszero.
ThesameprinciplewouldapplytotheMidTermandFinalExaminationaswell.

Attendance relates toclassdisciplinecovering regularity, punctualityandbehavior. Marks willbe deducted forviolating rules
prescribedbytheUniversity.

Anymissedclassorpartofalesson,hasbeenobservedtohaveveryadverseeffectsonstudentswhotendtofacedifficultyin
understandingthesubsequentlecturesorkeepingpacewiththeclass.Itisthestudentsownresponsibilitytomakeupforany
missedlessonbycontactingtheteacherortheTAforguidance.

EXAMINATIONDETAIL

Yes/No:Yes
CombinedSeparate:Combined
Midterm
Duration:2hours
Exam
PreferredDate:Afterfirst15sessions
ExamSpecifications:Openbook.Calculatorsallowed


Yes/No:Yes
CombineSeparate:Combined
FinalExam Duration:3hours
ExamSpecifications:Openbook.CopyoftheWithholdingTaxChartfromAppendix1ofthePractical
HandbookofIncomeTaxorcopyofpowerpointpresentation.Calculatorsallowedbutnotmobilephones.

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COURSEOVERVIEW
WEEK/
RECOMMENDED
LECTURE/ TOPICS SESSIONOBJECTIVE(S)
READINGS
MODULE
Commonrules,definitionsand IntroductiontotheFederalTaxLaws Gettingtounderstandthe
conceptsrelatedtoIncomeTax philosophyoftaxationandthe
1 modusoperandiofimposingand
collectingtaxesbythe
government.
Commonrules,definitionsand Sections(Ss)2,3,4,5,6,7,7A,7B,8, Gettingaccustomedtothe
conceptsrelatedtoIncomeTax 101fromtheIncomeTaxOrdinance, chargeofincometaxandlegal
2 2001(ITO) terms.
Somebasicconcepts&
geographicalsourcesofincome
Provisionsgoverningpersons Ss74,80to84fromITO ConceptofPersonsinmoredetail
3

Classificationofincomeandtaxability Ss9,10,11fromITO Broaddivisionsofincomeand
4 FistSchedule methodofcalculatingtaxfor
variouspersons
Ss12,13,14,Para(1A)FirstSchedule, Learningtocomputeincome
5
Salary Rules3,4,5,6&7 fromsalary
Salary The above plus Parts I & III of 2nd do
6
Schedule
IncomeFromProperty Ss15,15A&16 Assessingincomeearnedfrom
7
property
Profitschargeabletotaxas'income Ss18,1920,21,22,23,24,25&32. Calculatingincomefrombusiness
frombusiness' nd anditsrelatedprovisions
2 Schedule

8
ThirdSchedule
Rules10to13
Profitschargeabletotaxas'income do do
9
frombusiness'
Profitschargeabletotaxas'income do do
10
frombusiness'
IncomefromCapitalGains Ss37,37A,38,68,75,76,77,78&79; Understandingcapitalgainand
11 FirstSchedule,clauses computingincometherefrom
2ndSchedule
Incomefromothersources. Ss39,40 Assessingincomefromthis
12
residualhead
TaxCreditsreadwiththeSecond Ss61to65E&clauses(61)to(64C)of Learningtocomputetaxcredits
13 Schedule PartIof2ndSchedule fordifferenttypesofdonations

14 MidTermExamination
Rulespertainingtosetoff&carry 56to59AonlyoftheITO Learningthemethods
15
forwardoflosses
Rulespertainingtosetoff&carry 56to59AonlyoftheITO Learningthemethods
16
forwardoflosses
MinimumTax Ss113 Howitisdifferentfromregular
17
incometax
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AdvanceTaxandWithholdingTax Ss147to169and Conceptofpayingtaxesin
18
Regime Ss231Ato236N advance
AdvanceTaxandWithholdingTax do do
19
Regime
Procedureundertheincometaxlaw Ss114,115,116,118,182,191,205 Whoareliabletofilereturnsand
20
(readwith137(1))&119oftheITO how.
21 Procedurecontinued SS127to133ofITO Theappellateprocedure
Overview,commonrules,definitions Ss1to13&3rd 5th 6th and8th Learningtheessentialconcepts
22 andconceptsofsalestax SchedulesoftheSalesTaxAct1990 ofindirecttaxes
(STO)
Overview,commonrules,definitions do do
23
andconcepts
24 Scopeandpaymentoftax Ss5to13oftheSTAandRules do
Overview,commonrules,definitions Ss1to8oftheFederalExciseAct Moreformsofindirecttaxes
25
andconceptsoffederalexciseduty 2005
26 Scopeandpaymentofduty do do
27 Review&Revision Pastwork Preparationforfinalexam
28 Review&Revision do do

TEXTBOOK(S)/SUPPLEMENTARYREADINGS
1. Huzaima&IkramsFederalTaxLawsofPakistan [officialversioncanalsobedownloadedfromwww.fbr.gov.pk
2. PracticalHandbookofIncomeTax(29thRevisedEdition)byDr.IkramulHaq,publishedbyAAConsultants&Publishers
Advancereadings/sourcematerial:
3. Law&PracticeofIncomeTax(in3volumes),
4. Law&PracticeofSalesTax(in2volumes),and
5. Law&PracticeofFederalExciseTax
byMrs.HuzaimaBukhari&Dr.IkramulHaq,publishedbyAAConsultants&Publishers,#14,2ndFloor,SadiqPlaza,TheMall,Tel:
36365582&36280015email:sales@aacp.com.pkwebsite:http://aacp.com.pk