CHAPTER
XIIQUARTERLY
CORPORATE INCOME TAX, ANNUAL DECLARATIONAND
QUARTERLY
PAYMENTS OF INCOME TAXES
SEC.
74. Declaration of Income Tax for Individuals. -
(A) In General.chanrobles virtual law library
- Except as otherwise provided in this Section, every individual
subject
to income tax under Sections 24 and 25(A) of this Title, who is
receiving
self-employment income, whether it constitutes the sole source of his
income
or in combination with salaries, wages and other fixed or determinable
income, shall make and file a declaration of his estimated income for
the
current taxable year on or before April 15 of the same taxable year. In
general, self-employment income consists of the earnings derived by the
individual from the practice of profession or conduct of trade or
business
carried on by him as a sole proprietor or by a partnership of which he
is a member. Nonresident Filipino citizens, with respect to income from
without the Philippines, and nonresident aliens not engaged in trade or
business in the Philippines, are not required to render a declaration
of
estimated income tax. The declaration shall contain such pertinent
information
as the Secretary of Finance, upon recommendation of the Commissioner,
may,
by rules and regulations prescribe. An individual may make amendments
of
a declaration filed during the taxable year under the rules and
regulations
prescribed by the Secretary of Finance, upon recommendation of the
Commissioner.cralaw:red
(B) Return
and Payment of Estimated Income Tax by Individuals.
- The amount of estimated income as defined in Subsection (C) with
respect
to which a declaration is required under Subsection (A) shall be paid
in
four (4) installments. The first installment shall be paid at the time
of the declaration and the second and third shall be paid on August 15
and November 15 of the current year, respectively. The fourth
installment
shall be paid on or before April 15 of the following calendar year when
the final adjusted income tax return is due to be filed.cralaw:red
(C) Definition
of Estimated Tax.
- In the case of an individual, the term "estimated tax" means
the
amount which the individual declared as income tax in his final
adjusted
and annual income tax return for the preceding taxable year minus the
sum
of the credits allowed under this Title against the said tax. If,
during
the current taxable year, the taxpayer reasonable expects to pay a
bigger
income tax, he shall file an amended declaration during any interval of
installment payment dates.cralaw:red
SEC.
75. Declaration of Quarterly Corporate Income Tax. -
Every corporation shall file in duplicate a quarterly summary
declaration
of its gross income and deductions on a cumulative basis for the
preceding
quarter or quarters upon which the income tax, as provided in Title II
of this Code, shall be levied, collected and paid. The tax so computed
shall be decreased by the amount of tax previously paid or assessed
during
the preceding quarters and shall be paid not later than sixty (60) days
from the close of each of the first three (3) quarters of the taxable
year,
whether calendar or fiscal year.cralaw:red
SEC.
76. Final Adjustment Return.chanrobles virtual law library
- Every corporation liable to tax under Section 27 shall file a final
adjustment
return covering the total taxable income for the preceding calendar or
fiscal year. If the sum of the quarterly tax payments made during the
said
taxable year is not equal to the total tax due on the entire taxable
income
of that year, the corporation shall either:
(A) Pay the
balance of tax still due; or
(B) Carry-over
the excess credit; or
(C) Be credited
or refunded with the excess amount paid, as the case may be.
In case the corporation
is entitled to a tax credit or refund of the excess estimated quarterly
income taxes paid, the excess amount shown on its final adjustment
return
may be carried over and credited against the estimated quarterly income
tax liabilities for the taxable quarters of the succeeding taxable
years.
Once the option to carry-over and apply the excess quarterly income tax
against income tax due for the taxable quarters of the succeeding
taxable
years has been made, such option shall be considered irrevocable for
that
taxable period and no application for cash refund or issuance of a tax
credit certificate shall be allowed therefor.
SEC.
77. Place and Time of Filing and Payment of Quarterly Corporate
Income
Tax. -
(A) Place of Filing.- Except as the Commissioner other wise permits, the quarterly
income
tax declaration required in Section 75 and the final adjustment return
required in Section 76 shall be filed with the authorized agent banks
or
Revenue District Officer or Collection Agent or duly authorized
Treasurer
of the city or municipality having jurisdiction over the location of
the
principal office of the corporation filing the return or place where
its
main books of accounts and other data from which the return is prepared
are kept.cralaw:red
(B) Time of Filing
the Income Tax Return.
- The corporate quarterly declaration shall be filed within sixty (60)
days following the close of each of the first three (3) quarters of the
taxable year. The final adjustment return shall be filed on or before
the
fifteenth (15th) day of April, or on or before the fifteenth
(15th) day of the fourth (4th) month following
the
close of the fiscal year, as the case may be.
(C) Time of Payment
of the Income Tax.chanrobles virtual law library
- The income tax due on the corporate quarterly returns and the final
adjustment
income tax returns computed in accordance with Sections 75 and 76 shall
be paid at the time the declaration or return is filed in a manner
prescribed
by the Commissioner.