Author Archives: PAM Academy Founder

About PAM Academy Founder

Newbie Mentor and one of the influential author in the Philippines setting. His also the founder of PAM Academy and Developer of PAM PSE TRACKER application.

SUMMARY OF TAXING INCOME FOR ESTATES AND TRUSTS

What is an “estate” and when is it considered as a separate income taxpayer? An “estate” is the totality of the property left by a deceased person, whether real, personal, tangible or intangible. An “estate” is considered as a separate … Continue reading

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SUMMARY OF TAXING INCOME FOR PARTNERSHIPS (PH) AND PARTNERS

Taxable PH Tax exempt PH     GPPH/JV or Consortium for CP/EO All other PH       Extension of the partners Corporation   Calendar/Fiscal accounting period Calendar accounting period only for GPPH QF/P – within 60 days ff. close … Continue reading

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CO-OWNERSHIP

Is a co-ownership taxable? Generally no, because the activities of the co-owners are usually limited to the preservation of the property owned in common and collection of the income therefrom.   What is the tax liability of the co-owners? They … Continue reading

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Surtax /IAET

Surtax   Penalty tax 10% of the improperly Improperly accumulated accumulated profits profits tax every TY (CY/FY) Additional tax to the R/NCIT Effectivity: Starting January 1, 1998 accumulated profits Corp. Covered: Every domestic corporation formed or availed for the purpose … Continue reading

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QUARTERLY CORPORATE RETURNS

Who are required to file? Every corporation or partnership subject to income tax shall file a quarterly summary declaration of its gross income and deductions on a cumulative basis. Time of filing and payment The return shall be filed and … Continue reading

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MCIT AND GROSS INCOME

Meaning of gross income:1. For sale of goods – Gross sales less sales returns, allowances, discounts and cost of goods sold. For sale of services – Gross receipts less sales returns, allowances, discounts and cost of services sold. Cost of … Continue reading

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TRADE, BUSINESS, PRACTICE OF PROFESSION AND OTHER INCOME (AITR)

Computation of tax base for trade, business, profession and other income combined.   Gross income   Pxxx Less itemized deductions or 40% optional standard     deduction (OSD) based on GS or GR   xxx Net income   xxx Les … Continue reading

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