Category Archives: Taxation

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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