Article 30p. 30

NATIONAL INTERNAL REVENUE CODE TAXATION, TARIFF and CUSTOMS LAWS

(d) A minimum wage earner as defined in

section 22 (HH) of this Code or an individual

who is exempt from income tax pursuant to the

provisions of this Code and other laws, general

or special. [37]

(3) The foregoing notwithstanding, any individual

not required to file an income tax return may

nevertheless

be required to file an information

return pursuant to rules and regulations prescribed

by the Secretary of Finance, upon recommendation

of the Commissioner.

(4) The income tax return shall be filed in duplicate

by the following persons:

(a) A resident citizen - on his income from all

sources;

(b)

A

nonresident

citizen - on his income

derived from sources within the Philippines;

(c) A resident alien - on his income derived from

sources within the Philippines; and

(d) A nonresident alien engaged in trade or

business in the Philippines - on his income

derived from sources within the Philippines.

(5) The income tax return (ITR) shall consist of a

maximum

of

four

(4)

pages

in paper form or

electronic form, and shall only contain the following

information:

(A) Personal profile and information;

(B) Total gross sales, receipts or income from

compensation for services rendered, conduct of

trade or business or the exercise of a profession,

except income subject to final tax as provided

under this Code;

(C) Allowable deductions under this Code;

(D) Taxable income as defined in Section 31 of

this Code; and

(E) Income tax due and payable

(as amended by RA No 10963)

(B)

Where

to

File.

-

Except

in

cases

where

the

Commissioner otherwise permits, the return shall be filed

with an authorized agent bank, Revenue District Officer,

Collection Agent or duly authorized Treasurer of the city

or

municipality in which such person has his legal

residence or principal place of business in the Philippines,

or if there be no legal residence or place of business in

the Philippines, with the Office of the Commissioner.

(C) When to File. -

(1) The return of any individual specified above shall

be filed on or before the fifteenth (15th) day of April

of each year covering income for the preceding

taxable year.

(2) Individuals subject to tax on capital gains;

(a) From the sale or exchange of shares of stock

not traded thru a local stock exchange as

prescribed under Section 24(C)shall file a return

within thirty (30) days after each transaction

and a final consolidated return on or before

April

15

of

each

year

covering

all

stock

transactions of the preceding taxable year; and

(b) From the sale or disposition of real property

under Section 24(D) shall file a return within

thirty (30) days following each sale or other

disposition.

(D) Husband and Wife. - Married individuals, whether

citizens, resident or nonresident aliens, who do not derive

income purely from compensation, shall file a return for

the taxable year to include the income of both spouses,

but where it is impracticable for the spouses to file one

return, each spouse may file a separate return of income

but the returns so filed shall be consolidated by the

Bureau for purposes of verification for the taxable year.

(E) Return of Parent to Include Income of Children. -

The income of unmarried minors derived from properly

received from a living parent shall be included in the

return of the parent, except (1) when the donor's tax has

been paid on such property, or (2) when the transfer of

such property is exempt from donor's tax.

(F) Persons Under Disability. - If the taxpayer is unable to

make his own return, the return may be made by his duly

authorized agent or representative or by the guardian or

other person charged with the care of his person or

property, the principal and his representative or guardian

assuming the responsibility of making the return and

incurring

penalties

provided

for

erroneous,

false

or

fraudulent returns.

(G) Signature Presumed Correct. - The fact that an

individual's name is signed to a filed return shall be prima

facie evidence for all purposes that the return was

actually signed by him.

SEC. 51-A. Substituted Filing of Income Tax Returns by

Employees Receiving Purely Compensation Income. —

Individual

taxpayers

receiving

purely

compensation

income, regardless of amount, from only one employer in

the Philippines for the calendar year, the income tax of

which has been withheld correctly by the said employer

(tax due equals tax withheld) shall not be required to file

an

annual

income

tax

return.

The

certificate

of

withholding

filed

by

the

respective

employers, duly

stamped 'received' by the BIR, shall be tantamount to the

substituted

filing

of

income

tax

returns

by

said

employees. (as amended by RA No 10963)

SEC. 52. Corporation Returns. -

(A) Requirements. - Every corporation subject to the tax

herein imposed, except foreign corporations not engaged

in trade or business in the Philippines, shall render, in

duplicate, a true and accurate quarterly income tax

return and final or adjustment return in accordance with

the provisions of Chapter XII of this Title. The income tax

return shall consist of a maximum of four (4) pages in

paper form or electronic form, be filed by the president,

vice-president or other principal officer, shall be sworn to

by such officer and by the treasurer or assistant treasurer,

and shall only contain the following information:

(1) Corporate profile and information;

(2) Gross sales, receipts or income from services

rendered, or conduct of trade or business, except

income subject to final tax as provided under this

Code;

(3) Allowable deductions under this Code;

(4) Taxable income as defined in Section 31 of this

Code; and

(5) Income tax due and payable.

Provided , That the foregoing provisions shall not

affect the implementation of Republic Act No. 10708

or TIMTA.

(as amended by RA No 10963)

(B) Taxable Year of Corporation. - A corporation may

employ either calendar year or fiscal year as a basis for

filing its annual income tax return: Provided, That the

corporation

shall not change the accounting period

employed without prior approval from the Commissioner

in accordance with the provisions of Section 47 of this

Code.

(C) Return of Corporation Contemplating Dissolution or

Reorganization. - Every corporation shall, within thirty

(30) days after the adoption by the corporation of a

resolution or plan for its dissolution, or for the liquidation

of the whole or any part of its capital stock, including a

corporation

which

has

been

notified

of

possible

involuntary dissolution by the Securities and Exchange

Commission, or for its reorganization, render a correct

return to the Commissioner, verified under oath, setting

forth the terms of such resolution or plan and such other

information

as

the

Secretary

of

Finance,

upon

© Compiled by RGL

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