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ACCT7009 - Income Tax

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Title:Income Tax
Long Title:Income Tax
Module Code:ACCT7009
 
Duration:1 Semester
Credits: 5
NFQ Level:Intermediate
Field of Study: Accounting, Auditing and Accountability
Valid From: Semester 1 - 2016/17 ( September 2016 )
Module Delivered in 2 programme(s)
Module Coordinator: Claire OSullivan Rochford
Module Author: ANNMARIE TWOMEY
Module Description: The aim of this module is to provide a student with a knowledge and understanding of the Income Tax System.
Learning Outcomes
On successful completion of this module the learner will be able to:
LO1 Apply the general principles for the administration and computation of Income Tax.
LO2 Classify and correctly assess income tax under the appropriate tax head and schedule.
LO3 Prepare tax adjusted accounts and capital allowances computations.
LO4 Apply the appropiate reliefs, allowances and credits to calculate personal tax liabilities.
Pre-requisite learning
Module Recommendations
This is prior learning (or a practical skill) that is strongly recommended before enrolment in this module. You may enrol in this module if you have not acquired the recommended learning but you will have considerable difficulty in passing (i.e. achieving the learning outcomes of) the module. While the prior learning is expressed as named CIT module(s) it also allows for learning (in another module or modules) which is equivalent to the learning specified in the named module(s).
Incompatible Modules
These are modules which have learning outcomes that are too similar to the learning outcomes of this module. You may not earn additional credit for the same learning and therefore you may not enrol in this module if you have successfully completed any modules in the incompatible list.
No incompatible modules listed
Co-requisite Modules
No Co-requisite modules listed
Requirements

This is prior learning (or a practical skill) that is mandatory before enrolment in this module is allowed. You may not enrol on this module if you have not acquired the learning specified in this section.

No requirements listed
 

Module Content & Assessment

Indicative Content
Administration and Procedures
Explain the operation of the self assessment system including interest and late filing penalties.
Income Tax
Charge to Income Tax, Residence and Domicile, Preperation of Income Tax computations and returns, Tax treatment of single, widowed, married, separated and divorced persons. Retirement annuity contracts including PRSA`s and AVC `s.
Scedules 1 to V
Determination of income assessable under each Case, Rules of Commencement and Cessation, Adjusting accounting results for tax purposes, Badges of Trade.
Employment Income
Determination of assessable income,standard BIK rules and BIK exemptions, PAYE, PRSI and USC. Employed v self employed, Subcontractors, Termination lump payments.
Schedule F
Income assessable ,basis of assessment, dividend withholding tax.
Assessment Breakdown%
Course Work30.00%
End of Module Formal Examination70.00%
Course Work
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Short Answer Questions In Class Assessment 3 30.0 Week 5
End of Module Formal Examination
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Formal Exam End-of-Semester Final Examination 1,2,4 70.0 End-of-Semester
Reassessment Requirement
Repeat examination
Reassessment of this module will consist of a repeat examination. It is possible that there will also be a requirement to be reassessed in a coursework element.

The institute reserves the right to alter the nature and timings of assessment

 

Module Workload

Workload: Full Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture Formal Lecture 4.0 Every Week 4.00
Independent & Directed Learning (Non-contact) Questions 3.0 Every Week 3.00
Total Hours 7.00
Total Weekly Learner Workload 7.00
Total Weekly Contact Hours 4.00
Workload: Part Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture Formal Lecture 2.0 Every Week 2.00
Independent & Directed Learning (Non-contact) Questions 5.0 Every Week 5.00
Total Hours 7.00
Total Weekly Learner Workload 7.00
Total Weekly Contact Hours 2.00
 

Module Resources

Recommended Book Resources
  • Tom Conlon 2015, The Student Tax Handbook, 2015 Ed., McKeon Murray Ireland [ISBN: 1649-1076]
Supplementary Book Resources
  • Irish Tax Institute 2015, Irish Taxation: Law and Practice, 13 Ed., Irish Tax Institute Exeter, Ex2 8RP [ISBN: 9781842604021]
This module does not have any article/paper resources
Other Resources
  • website: www.taxinstitute.ie
  • website: www.revenue.ie
  • website: www.icai.ie
  • website: www.cpaireland.ie
  • website: www.cimaglobal.com
 

Module Delivered in

Programme Code Programme Semester Delivery
CR_BACCT_8 Bachelor of Business (Honours) in Accounting 5 Mandatory
CR_BACCT_7 Bachelor of Business in Accounting 5 Mandatory

Cork Institute of Technology
Rossa Avenue, Bishopstown, Cork

Tel: 021-4326100     Fax: 021-4545343
Email: help@cit.edu.ie