The document provides information about registering a new business and reporting requirements with the Bureau of Internal Revenue in the Philippines. It discusses why businesses should register, the benefits of registration, and requirements during and after business registration. It also outlines the different taxes that must be filed, including annual registration fees, income tax, business taxes, and value added tax. Requirements for tax returns, financial statements, books of accounts, and penalties for late filing are also summarized.
This document discusses provisions related to assessment and reassessment under the Income Tax Act of 1961. It provides an overview of sections 147-153 which deal with assessment or reassessment of income escaping assessment. It discusses the constitutional validity of reassessment provisions, legislative developments, situations that allow for assessment or reassessment under section 147, and key considerations like "reason to believe" and time limits. It also summarizes various court rulings related to the interpretation and application of these sections.
This document outlines the tax deduction at source (TDS) compliance process in India. It applies to all corporate and government deductors who are required to get their accounts audited. The key steps are: 1) apply for and obtain a TAN number; 2) deduct tax from applicable payments like salaries, interest, rent, etc. at the time of payment or credit; 3) deposit the deducted tax with the government treasury by the due dates; 4) file quarterly electronic TDS returns; and 5) issue TDS certificates to deductees. Failure to comply can result in penalties like interest charges, fines, and in severe cases, imprisonment.
1) Agriculture is an important part of Karnataka's economy, with 69% of the state's land used for cultivation. However, only 33% of the cultivated land is irrigated.
2) Crop area and yield statistics are collected through village surveys and crop cutting experiments. These statistics are used to estimate production and formulate agricultural policies.
3) While Karnataka has seen a 13% increase in food grain yields between 2007-2010, production growth has been slower, indicating the need for further improvements in the agricultural sector.
K. Vijaya Kumar, Assistant Commissioner of Central Tax in Belgaum, summarized the key provisions around refunds under the GST Act. Section 54 allows refund claims for excess tax paid within two years of the relevant date, and also provides for refund of unutilized input tax credit. Section 55 covers refunds on notified supplies, while Section 56 provides for interest payment on delayed refunds. Sections 57-58 establish a Consumer Welfare Fund for amounts otherwise refundable, to be used for consumer welfare. The document outlines timelines and documentation required for different refund types such as exports, SEZ supplies, and provisional assessments.
1. The Kerala Survey and Boundaries Act of 1961 consolidates, amends, and unifies the laws relating to land surveys and settlement of boundary disputes in Kerala.
2. The Act allows the government or authorized officers to order surveys of any land or boundary. It provides procedures for notifying interested parties, conducting surveys, resolving disputes, and maintaining survey marks.
3. The Act establishes the roles and powers of survey officers. It allows for appeals of survey decisions, resolution of disputes through courts or arbitration, and recovery of expenses from landowners.
Income tax-return-of-income-and-assessment-proceduresAdmin SBS
- Return of Income must be filed by certain persons and entities like companies, firms, individuals with income above exemption limit, residents with foreign assets/accounts, charitable trusts, political parties, and research/educational institutions.
- There are different ITR forms for individuals, HUFs, companies, and other persons to file ROI depending on income sources.
- The due date for filing ROI varies depending on the type of assessee but is typically July 31 or September 30. Late or belated returns can be filed within 1 year with penalties. Revised returns can also be filed to correct omissions or mistakes.
- The income tax department undertakes assessment in two stages - intimation issued after automated
The document discusses various types of tax assessments under the Income Tax Act, including self-assessment, summary assessment, and best judgment assessment. It discusses the procedures for issuing notices under sections 142, 143, 147, and 148 and the time limits for completing assessments. Key points include that intimations under section 143(1) are not considered orders, notices under section 148 must be served before making assessments under section 147, and the conditions for best judgment assessments are considered alternative rather than cumulative by the Supreme Court.
This document summarizes a study on the redistributive effect of personal income taxation in Pakistan. The study decomposes Pakistan's tax system to evaluate how tax rates, allowances, deductions, exemptions, and credits contribute to redistribution. It analyzes the tax structures from 2002 and 2005, finding that reforms in the Income Tax Ordinance of 2001 resulted in greater redistribution, particularly through deductions for salaried taxpayers. The study uses microdata from household surveys to simulate the tax systems and measure their progressivity.
This document discusses provisions related to assessment and reassessment under the Income Tax Act of 1961. It provides an overview of sections 147-153 which deal with assessment or reassessment of income escaping assessment. It discusses the constitutional validity of reassessment provisions, legislative developments, situations that allow for assessment or reassessment under section 147, and key considerations like "reason to believe" and time limits. It also summarizes various court rulings related to the interpretation and application of these sections.
This document outlines the tax deduction at source (TDS) compliance process in India. It applies to all corporate and government deductors who are required to get their accounts audited. The key steps are: 1) apply for and obtain a TAN number; 2) deduct tax from applicable payments like salaries, interest, rent, etc. at the time of payment or credit; 3) deposit the deducted tax with the government treasury by the due dates; 4) file quarterly electronic TDS returns; and 5) issue TDS certificates to deductees. Failure to comply can result in penalties like interest charges, fines, and in severe cases, imprisonment.
1) Agriculture is an important part of Karnataka's economy, with 69% of the state's land used for cultivation. However, only 33% of the cultivated land is irrigated.
2) Crop area and yield statistics are collected through village surveys and crop cutting experiments. These statistics are used to estimate production and formulate agricultural policies.
3) While Karnataka has seen a 13% increase in food grain yields between 2007-2010, production growth has been slower, indicating the need for further improvements in the agricultural sector.
K. Vijaya Kumar, Assistant Commissioner of Central Tax in Belgaum, summarized the key provisions around refunds under the GST Act. Section 54 allows refund claims for excess tax paid within two years of the relevant date, and also provides for refund of unutilized input tax credit. Section 55 covers refunds on notified supplies, while Section 56 provides for interest payment on delayed refunds. Sections 57-58 establish a Consumer Welfare Fund for amounts otherwise refundable, to be used for consumer welfare. The document outlines timelines and documentation required for different refund types such as exports, SEZ supplies, and provisional assessments.
1. The Kerala Survey and Boundaries Act of 1961 consolidates, amends, and unifies the laws relating to land surveys and settlement of boundary disputes in Kerala.
2. The Act allows the government or authorized officers to order surveys of any land or boundary. It provides procedures for notifying interested parties, conducting surveys, resolving disputes, and maintaining survey marks.
3. The Act establishes the roles and powers of survey officers. It allows for appeals of survey decisions, resolution of disputes through courts or arbitration, and recovery of expenses from landowners.
Income tax-return-of-income-and-assessment-proceduresAdmin SBS
- Return of Income must be filed by certain persons and entities like companies, firms, individuals with income above exemption limit, residents with foreign assets/accounts, charitable trusts, political parties, and research/educational institutions.
- There are different ITR forms for individuals, HUFs, companies, and other persons to file ROI depending on income sources.
- The due date for filing ROI varies depending on the type of assessee but is typically July 31 or September 30. Late or belated returns can be filed within 1 year with penalties. Revised returns can also be filed to correct omissions or mistakes.
- The income tax department undertakes assessment in two stages - intimation issued after automated
The document discusses various types of tax assessments under the Income Tax Act, including self-assessment, summary assessment, and best judgment assessment. It discusses the procedures for issuing notices under sections 142, 143, 147, and 148 and the time limits for completing assessments. Key points include that intimations under section 143(1) are not considered orders, notices under section 148 must be served before making assessments under section 147, and the conditions for best judgment assessments are considered alternative rather than cumulative by the Supreme Court.
This document summarizes a study on the redistributive effect of personal income taxation in Pakistan. The study decomposes Pakistan's tax system to evaluate how tax rates, allowances, deductions, exemptions, and credits contribute to redistribution. It analyzes the tax structures from 2002 and 2005, finding that reforms in the Income Tax Ordinance of 2001 resulted in greater redistribution, particularly through deductions for salaried taxpayers. The study uses microdata from household surveys to simulate the tax systems and measure their progressivity.
The document discusses rules related to the transfer of land registry (pokkuvaravu) in Kerala. Some key points:
1. Pokkuvaravu is the process of determining the landholder responsible for paying land tax and involves transferring the land registry rights.
2. It is done in situations like voluntary land transfers, court decrees, successions, and transfers of possession for over 12 years.
3. The village officer conducts inquiries verifying documents, boundaries, possession and submits forms to effect the transfer in the land records.
4. Transfers do not determine legal land rights, which must be decided by civil courts. The aim is to correctly assign tax liability.
Income Tax Act 1961
Capital Gain, Basis of Charge, Capital Asset U/s 2(14) Income Tax Act, Transactions that do not constitute TRANSFER U/s 47, Types of Capital Assets, Computation of STCG, Computation of LTCG, Tax Exemption for Capital Gain.
1. The document outlines the procedures for issuing tax invoices and maintaining electronic ledgers for payment of goods and service tax (GST) in India. It specifies that registered taxable persons must issue tax invoices before or after supplying goods or services and what information must be included. 2. It also describes how payment of GST is made through electronic cash and credit ledgers that are maintained on a central portal. Any tax, interest, penalties or other amounts are recorded in these ledgers. 3. Specified forms are used to maintain electronic records of tax liabilities, input tax credits, and deposits made in the cash ledger.
This document summarizes tax deduction at source requirements in India. It states that any person responsible for making income payments covered by the tax scheme must deduct tax at prescribed rates and deposit the amounts by the 7th of the following month. It also outlines requirements for obtaining a TAN number, issuing TDS certificates, submitting quarterly statements, and penalties for non-compliance. Various sections are cited that specify TDS rates for different types of payments like salary, rent, interest, dividends, and commission.
This document nominates the Trans-Australian Railway for an award as a National Engineering Landmark. It provides background on the significance of the railway in linking eastern and western Australia, the challenges of building it through remote terrain, and its importance as a symbol of Australian Federation. The railway was the largest construction project in Australian history at the time and introduced innovations like mechanical track laying and radio communication. It remains one of the world's most famous railways due to its length, the environment it passes through, and engineering feats like the longest straight stretch of track.
This presentation summarizes the key aspects of value-added tax (VAT) in India. It introduces VAT and explains how it differs from other sales tax systems by being levied at multiple points of a product's production and distribution chain. The presentation outlines the history of taxation systems in India, the reasons for changing to VAT, how VAT affects the Indian economy, and compares the advantages and disadvantages of VAT to other systems. Real-world examples of calculating VAT are provided.
This document discusses various indirect taxes in India including central sales tax, value added tax, central excise duty, and customs duty. It defines key terms related to these taxes such as incidence and impact of direct vs indirect taxes. It also covers the classification of taxes, authorities that levy different taxes, taxable events, and calculation of taxes. The key highlights are that indirect taxes are imposed on goods and services while direct taxes are imposed on individuals, and indirect tax burden can be shifted to consumers.
The document provides information about e-way bills in India, including:
1) It explains what an e-way bill is and the legal framework for e-way bills according to Notification No. 27/2017 and Rules 138-138D.
2) It outlines the process for generating an integrated e-way bill through the common portal, including filling out forms GST EWB-01 for outward and inward supplies.
3) It provides details on the documents and devices required to be carried during transportation according to Rule 138A and the process for verification.
medical re imbursement application forms,new hospitalsand full government o...shanavas chithara
1) The document provides instructions to administrative departments regarding medical reimbursement claims for government employees.
2) It states that departments can settle claims from recognized private hospitals themselves if treatment was referred by an authorized medical attendant, within set ceilings.
3) Only claims requiring special sanction, such as from unrecognized private hospitals, need be forwarded to the Health Department with a secretary-level recommendation.
This is a presentation made by me to a batch of Indian tax officers at their training academy on 28th May 2012. It is on the head of income called "Income from Other Sources"
Find out the detailed explanation of the provisions relating to Input Tax Credit under the dual GST Law from the presentation . Give it a read and we would love to know your feedback!
OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. There are various periodic compliance requirements and filings under GST. In this webinar, we shall analyse and understand the forms GSTR-1 and GSTR-3B.
The document discusses Permanent Account Number (PAN) cards in India. Some key points:
- PAN is a 10-digit number issued by the income tax department to any person who pays taxes or is required to file tax returns.
- It is used to link all tax-related transactions of a person to the department, such as filing returns, paying taxes, loans, investments, etc.
- Obtaining a PAN card is mandatory for various financial transactions over a certain value as well as for activities like opening a bank account.
- Applications can be made online or offline with necessary documents as proof of identity and address. Fees must be paid, which can be done via various methods
The document provides information about the GSTR-9 annual return filing requirements under the Goods and Services Tax (GST) in India. It states that GSTR-9 must be filed by regular taxpayers to consolidate supplies and input tax credit details for the entire financial year. It outlines the different types of annual returns that must be filed depending on the taxpayer's registration type. It also discusses the due date for filing GSTR-9, which has been extended to 30 June 2019, and penalties for late filing. The key parts of the GSTR-9 form and details required to be reported in each part are also explained.
Role & Problem of industrial development in indiaSaurav Garg
This document discusses the role and problems of industrial development in India. It outlines several key roles of industrial development, including raising income, meeting high income demands, absorbing surplus labor, and improving standards of living. However, it also notes several problems hindering industrial development in India, such as shortages of power resources, insufficient capital, outdated plant and machinery, regional inequality, and industrial pollution. Overall, the document provides an overview of both the importance of industrial development for the Indian economy as well as challenges that must be addressed.
ഭൂമി വാങ്ങുമ്പോൾ ശ്രദ്ധിക്കേണ്ട കാര്യങ്ങൾ- വസ്തു വാങ്ങുമ്പോഴും പരിപാലിക്കുമ്പോഴും വിൽക്കുമ്പോഴും ശ്രദ്ധിക്കേണ്ട കാര്യങ്ങൾ -വസ്തു വാങ്ങുമ്പോഴും പരിപാലിക്കുമ്പോഴും വിൽക്കുമ്പോഴും ശ്രദ്ധിക്കേണ്ട കാര്യങ്ങൾ - ppt from James joseph Adhikarathil
- Individuals and companies with total income exceeding the maximum taxable limit must file an income tax return by the due date, which is July 31 for most assessees and September 30/November 30 for some.
- Those holding overseas assets or accounts must also file a return even if income is below the taxable limit. Late or revised returns can be filed within 1 year with penalties for failure to file on time.
- The return must be verified digitally in most cases. It must be signed by the individual, partner, director or other authorized person depending on the entity. Strict documentation and procedures must be followed for e-filing.
The document discusses various aspects of income tax in India including income tax, advance tax, assessment, returns and related topics. Some key points:
1. Income tax is a direct tax charged by the central government on the annual income of individuals and businesses. It is calculated based on tax slabs defined by the Income Tax Department.
2. Advance tax is a method of collecting tax in advance throughout the year in the form of installments to match the taxpayer's estimated annual liability.
3. There are different types of income tax assessments including self-assessment, summary assessment, scrutiny assessment, best judgement assessment, and income escaping assessment. Faceless assessment is now conducted electronically without any physical interface between the taxpayer
This document provides an introduction and overview of India's GST composition scheme. Key points include:
- The composition scheme is a simple alternative for small taxpayers with turnover less than Rs. 1.5 crore to pay GST at a fixed rate instead of going through regular GST procedures.
- As of 2019, service providers can now opt for the composition scheme if their turnover is below Rs. 50 lakhs.
- To be eligible, total turnover from all businesses with the same PAN must be below Rs. 1.5 crore, and some business types like manufacturers of specific goods are excluded.
- Opting for the composition scheme means no input tax credit can be claimed but
Tax forum 2016 recent tax changes and white book recommendations follow up (2)Anthony Galliano
CEO of Cambodian Investment Management and Eurocham Tax Committee Chairman, Anthony Galliano, gave a presentation at the Eurocham Cambodia Tax Forum 2016 on Recent Tax Changes and White Paper Recommendations
This document discusses various types of business transactions under Philippine tax law and how they are classified and treated for value-added tax (VAT) purposes. It covers VAT transactions that allow or do not allow input VAT claims, zero-rated transactions, VAT-exempt transactions, and transactions with government units. Examples are provided to illustrate the VAT treatment for different transaction types.
The document discusses rules related to the transfer of land registry (pokkuvaravu) in Kerala. Some key points:
1. Pokkuvaravu is the process of determining the landholder responsible for paying land tax and involves transferring the land registry rights.
2. It is done in situations like voluntary land transfers, court decrees, successions, and transfers of possession for over 12 years.
3. The village officer conducts inquiries verifying documents, boundaries, possession and submits forms to effect the transfer in the land records.
4. Transfers do not determine legal land rights, which must be decided by civil courts. The aim is to correctly assign tax liability.
Income Tax Act 1961
Capital Gain, Basis of Charge, Capital Asset U/s 2(14) Income Tax Act, Transactions that do not constitute TRANSFER U/s 47, Types of Capital Assets, Computation of STCG, Computation of LTCG, Tax Exemption for Capital Gain.
1. The document outlines the procedures for issuing tax invoices and maintaining electronic ledgers for payment of goods and service tax (GST) in India. It specifies that registered taxable persons must issue tax invoices before or after supplying goods or services and what information must be included. 2. It also describes how payment of GST is made through electronic cash and credit ledgers that are maintained on a central portal. Any tax, interest, penalties or other amounts are recorded in these ledgers. 3. Specified forms are used to maintain electronic records of tax liabilities, input tax credits, and deposits made in the cash ledger.
This document summarizes tax deduction at source requirements in India. It states that any person responsible for making income payments covered by the tax scheme must deduct tax at prescribed rates and deposit the amounts by the 7th of the following month. It also outlines requirements for obtaining a TAN number, issuing TDS certificates, submitting quarterly statements, and penalties for non-compliance. Various sections are cited that specify TDS rates for different types of payments like salary, rent, interest, dividends, and commission.
This document nominates the Trans-Australian Railway for an award as a National Engineering Landmark. It provides background on the significance of the railway in linking eastern and western Australia, the challenges of building it through remote terrain, and its importance as a symbol of Australian Federation. The railway was the largest construction project in Australian history at the time and introduced innovations like mechanical track laying and radio communication. It remains one of the world's most famous railways due to its length, the environment it passes through, and engineering feats like the longest straight stretch of track.
This presentation summarizes the key aspects of value-added tax (VAT) in India. It introduces VAT and explains how it differs from other sales tax systems by being levied at multiple points of a product's production and distribution chain. The presentation outlines the history of taxation systems in India, the reasons for changing to VAT, how VAT affects the Indian economy, and compares the advantages and disadvantages of VAT to other systems. Real-world examples of calculating VAT are provided.
This document discusses various indirect taxes in India including central sales tax, value added tax, central excise duty, and customs duty. It defines key terms related to these taxes such as incidence and impact of direct vs indirect taxes. It also covers the classification of taxes, authorities that levy different taxes, taxable events, and calculation of taxes. The key highlights are that indirect taxes are imposed on goods and services while direct taxes are imposed on individuals, and indirect tax burden can be shifted to consumers.
The document provides information about e-way bills in India, including:
1) It explains what an e-way bill is and the legal framework for e-way bills according to Notification No. 27/2017 and Rules 138-138D.
2) It outlines the process for generating an integrated e-way bill through the common portal, including filling out forms GST EWB-01 for outward and inward supplies.
3) It provides details on the documents and devices required to be carried during transportation according to Rule 138A and the process for verification.
medical re imbursement application forms,new hospitalsand full government o...shanavas chithara
1) The document provides instructions to administrative departments regarding medical reimbursement claims for government employees.
2) It states that departments can settle claims from recognized private hospitals themselves if treatment was referred by an authorized medical attendant, within set ceilings.
3) Only claims requiring special sanction, such as from unrecognized private hospitals, need be forwarded to the Health Department with a secretary-level recommendation.
This is a presentation made by me to a batch of Indian tax officers at their training academy on 28th May 2012. It is on the head of income called "Income from Other Sources"
Find out the detailed explanation of the provisions relating to Input Tax Credit under the dual GST Law from the presentation . Give it a read and we would love to know your feedback!
OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. There are various periodic compliance requirements and filings under GST. In this webinar, we shall analyse and understand the forms GSTR-1 and GSTR-3B.
The document discusses Permanent Account Number (PAN) cards in India. Some key points:
- PAN is a 10-digit number issued by the income tax department to any person who pays taxes or is required to file tax returns.
- It is used to link all tax-related transactions of a person to the department, such as filing returns, paying taxes, loans, investments, etc.
- Obtaining a PAN card is mandatory for various financial transactions over a certain value as well as for activities like opening a bank account.
- Applications can be made online or offline with necessary documents as proof of identity and address. Fees must be paid, which can be done via various methods
The document provides information about the GSTR-9 annual return filing requirements under the Goods and Services Tax (GST) in India. It states that GSTR-9 must be filed by regular taxpayers to consolidate supplies and input tax credit details for the entire financial year. It outlines the different types of annual returns that must be filed depending on the taxpayer's registration type. It also discusses the due date for filing GSTR-9, which has been extended to 30 June 2019, and penalties for late filing. The key parts of the GSTR-9 form and details required to be reported in each part are also explained.
Role & Problem of industrial development in indiaSaurav Garg
This document discusses the role and problems of industrial development in India. It outlines several key roles of industrial development, including raising income, meeting high income demands, absorbing surplus labor, and improving standards of living. However, it also notes several problems hindering industrial development in India, such as shortages of power resources, insufficient capital, outdated plant and machinery, regional inequality, and industrial pollution. Overall, the document provides an overview of both the importance of industrial development for the Indian economy as well as challenges that must be addressed.
ഭൂമി വാങ്ങുമ്പോൾ ശ്രദ്ധിക്കേണ്ട കാര്യങ്ങൾ- വസ്തു വാങ്ങുമ്പോഴും പരിപാലിക്കുമ്പോഴും വിൽക്കുമ്പോഴും ശ്രദ്ധിക്കേണ്ട കാര്യങ്ങൾ -വസ്തു വാങ്ങുമ്പോഴും പരിപാലിക്കുമ്പോഴും വിൽക്കുമ്പോഴും ശ്രദ്ധിക്കേണ്ട കാര്യങ്ങൾ - ppt from James joseph Adhikarathil
- Individuals and companies with total income exceeding the maximum taxable limit must file an income tax return by the due date, which is July 31 for most assessees and September 30/November 30 for some.
- Those holding overseas assets or accounts must also file a return even if income is below the taxable limit. Late or revised returns can be filed within 1 year with penalties for failure to file on time.
- The return must be verified digitally in most cases. It must be signed by the individual, partner, director or other authorized person depending on the entity. Strict documentation and procedures must be followed for e-filing.
The document discusses various aspects of income tax in India including income tax, advance tax, assessment, returns and related topics. Some key points:
1. Income tax is a direct tax charged by the central government on the annual income of individuals and businesses. It is calculated based on tax slabs defined by the Income Tax Department.
2. Advance tax is a method of collecting tax in advance throughout the year in the form of installments to match the taxpayer's estimated annual liability.
3. There are different types of income tax assessments including self-assessment, summary assessment, scrutiny assessment, best judgement assessment, and income escaping assessment. Faceless assessment is now conducted electronically without any physical interface between the taxpayer
This document provides an introduction and overview of India's GST composition scheme. Key points include:
- The composition scheme is a simple alternative for small taxpayers with turnover less than Rs. 1.5 crore to pay GST at a fixed rate instead of going through regular GST procedures.
- As of 2019, service providers can now opt for the composition scheme if their turnover is below Rs. 50 lakhs.
- To be eligible, total turnover from all businesses with the same PAN must be below Rs. 1.5 crore, and some business types like manufacturers of specific goods are excluded.
- Opting for the composition scheme means no input tax credit can be claimed but
Tax forum 2016 recent tax changes and white book recommendations follow up (2)Anthony Galliano
CEO of Cambodian Investment Management and Eurocham Tax Committee Chairman, Anthony Galliano, gave a presentation at the Eurocham Cambodia Tax Forum 2016 on Recent Tax Changes and White Paper Recommendations
This document discusses various types of business transactions under Philippine tax law and how they are classified and treated for value-added tax (VAT) purposes. It covers VAT transactions that allow or do not allow input VAT claims, zero-rated transactions, VAT-exempt transactions, and transactions with government units. Examples are provided to illustrate the VAT treatment for different transaction types.
Comprehensive Problem More Co. is a merchandising business. The.docxmaxinesmith73660
Comprehensive Problem
More Co. is a merchandising business. The account balances for More Co. as of November 30, 2012 (unless otherwise indicated), are as follows:
110
Cash
$ 13,920
112
Accounts Receivable
34,220
115
Merchandise Inventory
133,900
116
Prepaid Insurance
3,750
117
Store Supplies
2,550
123
Store Equipment
114,300
124
Accumulated Depreciation-Store Equipment
12,600
210
Accounts Payable
21,450
211
Salaries Payable
0
218
Interest Payable
0
220
Note Payable (Due 2017)
10,000
310
P. Williams, Capital (January 1, 2012)
103,280
311
P. Williams, Drawing
10,000
312
Income Summary
0
410
Sales
715,800
411
Sales Returns and Allowances
20,600
412
Sales Discounts
13,200
510
Cost of Merchandise Sold
360,500
520
Sales Salaries Expense
74,400
521
Advertising Expense
18,000
522
Depreciation Expense
0
523
Store Supplies Expense
0
529
Miscellaneous Selling Expense
2,800
530
Office Salaries Expense
40,500
531
Rent Expense
18,600
532
Insurance Expense
0
539
Miscellaneous Administrative Expense
1,650
550
Interest Expense
240
More Co. uses the perpetual inventory system and the last-in, first-out costing method. Transportation-in and purchase discounts should be added to the Inventory Control Sheet, but since this will complicate the computation of the Last-in, first-out costing method, please ignore this step in the process.
More Co. sells four types of television entertainment units.
The sales price of each are:
TV A: $3,500
TV B: $5,250
TV C: $6,125
PS D: $9,000
During December, the last month of the accounting year, the following transactions were completed:
Dec.
1. Issued check number 2632 for the December rent, $1,600.
3. Purchased four TV C units on account from Prince Co., terms 2/10, n/30, FOB shipping point, $14,800.
4. Issued check number 2633 to pay the transportation changes on purchase of December 3, $400. (NOTE: Do not include shipping and purchase discounts to the Inventory Control sheet for this project.)
6. Sold four TV A and 4 TV B on account to Albert Co., invoice 891, terms 2/10, n/30, FOB shipping point.
7. Received $7,500 cash from Marie Co. on account, no discount.
10. Sold two project systems for cash.
11. Purchased store supplies on account from Matt Co., terms 1/10, n/30,
$620.
13. Issued check number 2634 for merchandise purchased on December 3, less discount.
14. Issued credit memo for one TV A unit returned on sale of December 6.
15. Issued check number 2635 for advertising expense for last half of December, $1,500.
16. Received cash from sale of December 6, less return of December 14 and discount.
19. Issued check number 2636 for two TV C units, $7,600.
19. Issued check number 2637 for $6,100 to Jose.
This document provides a quick primer on tax procedures and requirements for professionals in the Philippines. It outlines the key steps professionals must take which include: 1) registering with the local Revenue District Officer, 2) paying registration fees, and 3) attending a taxpayer briefing. Professionals must maintain proper books and records, issue receipts, and pay the appropriate income, VAT or percentage taxes depending on gross receipts. They can file and pay taxes due at authorized agent banks located in their Revenue District Office jurisdiction. The summary highlights the main registration process, tax obligations, and filing locations for professionals according to this tax guide.
The document provides an overview of VAT accounting systems in Bangladesh. It discusses key aspects of VAT accounting including why VAT is paid, who pays VAT, what VAT is, maintaining proper accounting records, inventory management registers, VAT and turnover tax invoices, withholding certificates, credit and debit notes, input-output coefficients, and the responsibilities of taxpayers. The goal is to educate taxpayers on proper VAT accounting procedures and compliance with VAT laws and regulations in Bangladesh.
The document outlines the course outline for a fundamentals of accounting course. It covers key topics like the purpose and nature of accounting, the accounting equation, the accounting cycle process, financial statements, and accounting terminology. The course introduces students to the basic concepts and principles of accounting, different types of accounts, and how to record and analyze financial transactions according to generally accepted accounting principles. It provides an overview of the accounting knowledge and skills students will learn over the course of the program.
Foundations of Accounting IAccounting ProjectKaren Pitsch.docxbudbarber38650
Foundations of Accounting I
Accounting Project
Karen Pitsch
Alli Co. is a merchandising business. The account balances for Alli Co. as of November 30, 2012 (unless otherwise indicated), are as follows:
110
Cash
$ 73,920
112
Accounts Receivable
37,875
113
Allowance for Doubtful Accounts
3,500
115
Merchandise Inventory
133,900
116
Prepaid Insurance
3,750
117
Store Supplies
2,850
123
Store Equipment
100,800
124
Accumulated Depreciation-Store Equipment
20,160
210
Accounts Payable
21,450
211
Salaries Payable
0
218
Interest Payable
0
220
Note Payable (Due 2017)
10,000
310
P. Williams, Capital (January 1, 2012)
89,510
311
P. Williams, Drawing
40,000
312
Income Summary
0
410
Sales
853,040
411
Sales Returns and Allowances
20,600
412
Sales Discounts
13,200
510
Cost of Merchandise Sold
414,575
520
Sales Salaries Expense
74,400
521
Advertising Expense
18,000
522
Depreciation Expense
0
523
Store Supplies Expense
0
529
Miscellaneous Selling Expense
2,800
530
Office Salaries Expense
40,500
531
Rent Expense
18,600
532
Insurance Expense
0
533
Bad Debt Expense
0
539
Miscellaneous Administrative Expense
1,650
550
Interest Expense
240
Alli Co. uses the perpetual inventory system and the last-in, first-out costing method. Transportation-in and purchase discounts should be added to the Inventory Control Sheet, but since this will complicate the computation of the Last-in, first-out costing method, please ignore this step in the process. They also use the Allowance Method for bad debt.
The Accounts Receivable and Accounts Payable Subsidiary Ledgers along with the Inventory Control Sheet should be updated as each transaction affects them (daily).
Alli Co. sells four types of television entertainment units.
The sale prices of each are:
TV A: $3,500
TV B: $5,250
TV C: $6,125
PS D: $9,000
During December, the last month of the accounting year, the following transactions were completed:
Dec.
1. Issued check number 2632 for the December rent, $2,200.
3. Purchased four TV C units on account from Prince Co., terms 2/10, n/30, FOB shipping point, $14,800.
4. Issued check number 2633 to pay the transportation changes on purchase of December 3, $400. (NOTE: Do not include shipping and purchase discounts to the Inventory Control sheet for this project.)
6. Sold four TV A and four TV B on account to Albert Co., invoice 891, terms 2/10, n/30, FOB shipping point.
10. Sold two project systems for cash.
11. Purchased store supplies on account from Matt Co., terms n/30, $620.
13. Issued check to Prince Co. number 2634 for full amount due (November’s balance plus December 3rd transaction), less discount allowed.
14. Issued credit memo for on.
This document summarizes the key topics from an agenda on small and medium enterprise tax issues in Cambodia:
- It outlines the definitions and requirements for small and medium taxpayers, including the simplified accounting format for small taxpayers.
- New laws and regulations that provide tax incentives for qualifying small and medium enterprises operating in priority sectors are summarized, including periods of tax exemption on profit tax.
- Issues faced by small and medium taxpayers relating to registration, audits, equity injections, and non-tax obligations are briefly discussed.
- The presentation calls for equal enforcement of tax laws across all businesses and sectors in Cambodia.
Goods and services tax refunds and expemtionsABHISHEK JAIN
A complete guide from NAAPBOOKS for GST. GOODS AND SERVICES TAX REFUNDS AND EXEMPTIONS, ACCOUNTS AND RECORDS & PAYMENT MECHANISM.
For further guide, contact us at
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Tax can be confusing. At the basic, there is Percentage Tax or Value Added Tax; VAT registered and a Non-VAT registered tax payer. In the Philippines, managing tax matters can be really complicated. Several individuals and companies even hire Consultants/Accounting Firms to manage compliance reporting.
VAT Basics provides an overview of VAT (Value Added Tax) in the UK, including: how VAT works and is calculated; the roles of Customs and the EU Directive; rates of VAT including standard, lower and zero rates; the treatment of inputs, outputs, invoices and returns; and non-business vs business supplies. It also outlines exemptions, responsibilities and the services of the local VAT & Taxation Advice Office for addressing any VAT questions.
Tax management paper BBA University of PeshawarEmmaSidd
Q.1. Withholding tax is levied on the withdrawal of cash from the bank accounts by the customer. The current rate of the withholding tax is 0.3% for Tax filers and 0.6% for Non-Tax Filer. What is your opinion; is withholding tax meant to be a major source of earning for the government or helpful for documentation of the economy?
Q.3 Wealth Tax Return form used for the return of net wealth under section 14 of the Wealth Tax Act, 1963 (XV of 1963). Explain the legal importance of Wealth Tax Return proforma?
What is Value Added Tax (VAT)?
**An indirect tax imposed at each stage of production and supply.
**In general, the ultimate consumer is the one who bears the full cost of this tax while the business collects and
calculates the tax and pays it in favor of the state.
**A 5% is imposed on multiple production stages with the right to deduct taxes on inputs from taxes collected
from production outputs.
**The tax is collected each stage of the economic cycle (production, distribution, consumption)
Value added = Sale Price – Purchasing or Production cost
This document discusses receivables, including accounts receivable, notes receivable, and other receivables. It covers the allowance method for estimating and accounting for uncollectible accounts, including adjusting entries, aging of accounts, and estimating percentages of uncollectibility based on age. The document also discusses internal controls over receivables, characteristics of notes receivable, and how receivables are presented on the balance sheet. Key receivables ratios like accounts receivable turnover and days' sales in receivables are also introduced.
The Colombian tax system includes national, regional and municipal taxes. The main national taxes are the income tax, the value added tax (VAT), the consumption tax and the debit tax (GMF). Income tax is a levy on revenues realized within the taxable year that have the potential to increase taxpayer’s net equity and are not expressly excluded. The general income tax rate for national companies and permanent establishments is 33% for 2018 and following years. An additional 4% surcharge applies in 2018 for taxpayers with taxable income over approximately USD 275,862. Free trade zone users, excluding commercial users, have an income tax rate of 20%.
The document summarizes accounting procedures for sales agencies, branches, and the head office. It discusses key features of sales agencies, which perform a small portion of functions compared to branches and have lesser autonomy. Branches carry inventory, make sales, approve credit, and make collections. The document provides journal entries for transactions between the head office and a sales agency/branch. It also discusses working papers used to combine financial statements and eliminate reciprocal accounts between the head office and branches.
Correct Method
100
Cost Price
100
4)
4
VAT (4%)
4
Total
104
Total
104
Sales Price
120
Sales Price
120
Output VAT (4%)
4.8
Output VAT (4%)
4.8
Total
124.8
Total
124.8
1. The document discusses India's Value Added Tax (VAT) system, including definitions of key terms like input tax, output tax, and tax invoices. It also describes eligible and ineligible purchases for claiming input tax credit.
The govt. is trying to move towards ONE NATION ONE TAX- GOODS & SERVICE TAX. Through this presentation we have tried our best to give a clear insight about the biggest tax reform.
The document provides financial statement information for M/s R Company for 2004 and 2003, including balance sheets, income statements, and additional notes. It asks to prepare a statement of cash flows using the indirect method, noting equipment purchases and sales, bond redemptions, stock issuances, dividend payments, and other transactions during 2004.
This document discusses various types of business taxes in the Philippines. It covers transactions that are subject to business tax, including commercial activities involving the sale of goods and services, as well as services rendered by nonresident foreign persons. It also discusses non-business transactions like the sale of stocks and overseas communications that are subject to other percentage taxes. The document then provides examples of casual or occasional sales by those not engaged in business. It concludes with summaries of value-added tax (VAT), other percentage tax (OPT), and excise tax responsibilities and requirements for business registration and invoicing.
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This presentation is a curated compilation of PowerPoint diagrams and templates designed to illustrate 20 different digital transformation frameworks and models. These frameworks are based on recent industry trends and best practices, ensuring that the content remains relevant and up-to-date.
Key highlights include Microsoft's Digital Transformation Framework, which focuses on driving innovation and efficiency, and McKinsey's Ten Guiding Principles, which provide strategic insights for successful digital transformation. Additionally, Forrester's framework emphasizes enhancing customer experiences and modernizing IT infrastructure, while IDC's MaturityScape helps assess and develop organizational digital maturity. MIT's framework explores cutting-edge strategies for achieving digital success.
These materials are perfect for enhancing your business or classroom presentations, offering visual aids to supplement your insights. Please note that while comprehensive, these slides are intended as supplementary resources and may not be complete for standalone instructional purposes.
Frameworks/Models included:
Microsoft’s Digital Transformation Framework
McKinsey’s Ten Guiding Principles of Digital Transformation
Forrester’s Digital Transformation Framework
IDC’s Digital Transformation MaturityScape
MIT’s Digital Transformation Framework
Gartner’s Digital Transformation Framework
Accenture’s Digital Strategy & Enterprise Frameworks
Deloitte’s Digital Industrial Transformation Framework
Capgemini’s Digital Transformation Framework
PwC’s Digital Transformation Framework
Cisco’s Digital Transformation Framework
Cognizant’s Digital Transformation Framework
DXC Technology’s Digital Transformation Framework
The BCG Strategy Palette
McKinsey’s Digital Transformation Framework
Digital Transformation Compass
Four Levels of Digital Maturity
Design Thinking Framework
Business Model Canvas
Customer Journey Map
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IMPACT Silver is a pure silver zinc producer with over $260 million in revenue since 2008 and a large 100% owned 210km Mexico land package - 2024 catalysts includes new 14% grade zinc Plomosas mine and 20,000m of fully funded exploration drilling.
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Part 2 Deep Dive: Navigating the 2024 Slowdownjeffkluth1
Introduction
The global retail industry has weathered numerous storms, with the financial crisis of 2008 serving as a poignant reminder of the sector's resilience and adaptability. However, as we navigate the complex landscape of 2024, retailers face a unique set of challenges that demand innovative strategies and a fundamental shift in mindset. This white paper contrasts the impact of the 2008 recession on the retail sector with the current headwinds retailers are grappling with, while offering a comprehensive roadmap for success in this new paradigm.
2. BUREAU OF INTERNAL REVENUE (BIR)
An agency under the Department of Finance, its duties and
mandate as follows: “assessment and collection of all national
internal revenue taxes, fees and charges, and the enforcement of all
forfeitures, penalties and fines connected therewith, including the
execution of judgments in all cases decided in its favor by the Court
of Tax Appeals and the ordinary courts.”
3. is an enforced proportional contribution upon
persons, properties and/or rights imposed by
the government for public purpose.
4. WHY YOU SHOULD REGISTER YOUR BUSINESS?
Under Sec. 236 of the Tax Code and RMC No. 60-
2020, all persons doing business and earning income
in any manner or form, including those who are into
digital transactions the use of any electronic
platforms and media, are required to register their
business.
5. BENEFITS OF A REGISTERED BUSINESS
1. YOUR BUSINESS IS LEGIT AND CREDIBLE, THUS, EARNS CUSTOMER’S TRUST
2. YOU HAVE THE OPPORTUNITY TO TRANSACT WITH BIG CLIENTS THAT REQUIRES REGISTERED BIR
RECEIPTS / INVOICES
3. YOU ARE FREE TO ADVERTISE YOUR BUSINESS
4. YOU WILL HAVE PROOF OF INCOME (INCOME TAX RETURN-BIR FORM 1701) THAT YOU CAN USE
TO APPLY FOR A LOAN, CREDIT CARD AND TRAVEL VISA
5. GIVES YOU PEACE OF MIND AND AVOID PENALTIES WHEN CHECKED BY TAX AUTHORITIES
6. B. Sales Invoice- Goods
WHAT ARE THE REQUIREMENTS?
1. BIR FORM 1901 version 2018 ( 2 copies)
2. Photocopy of any Government issued ID
3. Sample Receipt
A. Official Receipt – Services
7. WHAT ARE THE REQUIREMENTS?
4. Photocopy of DTI Certificate (if applicable)
5. Payment of Registration Fee Php 500.00 and Php 30.00 for Loose
Documentary Stamp Tax to be attached to the Certificate of Registration
6. Books of Accounts – 2 Columnar and 1 Ledger or Simplified Book Of Accounting (Blue Book)
columnar
OR
2 COLUMNAR – 1 Cash Receipt Book is a financial journal that contains cash inflows of the business operation.
1 Cash Disbursement Book is a financial journal that contains cash outflows of the business operation.
LEDGER – is a book which summarizes the total per account on a monthly basis.
SIMPLIED BOOK OF ACCOUNTING– is a book of accounts used by small businesses.
8. REQUIREMENTS DURING BUSINESS OPERATION
Display the original Certificate of Registration, Notice to Issue Receipt/Invoice and
Payment of Registration Fee (BIR Form 0605) in your store.
9. Issuance of Sales Invoices/Official Receipts
For every sale of goods or services to clients/customers/buyers, the taxpayer must issue
Sales Invoices/ Official Receipts (pursuant to Sec. 113 and 237 of the Tax Code)
Non-VAT – P100 and above
VAT – regardless of amount
Keeping of Books of Accounts
Record all business transactions within twenty four (24)hours following the close of the
daily transaction.
Preserve books of accounts and all supporting documents within ten (10) years from the
last day prescribed by law for the filing of return or actual date of filing of return, whichever
comes later pursuant to Section 235 of the Tax Code.
10. PARTICULARS
(SerialNo.ofReceipts/InvoicesIssued)
1 O.R #001-008 1 5 0 0
2 CLOSED
3 O.R.#009-012 3 0 0 0
4 O.R.#013-019 4 5 0 0
5 O.R.#020-031 6 0 0 0
6 NO TRANSACTION
7 NO TRANSACTION
Upto30 or 31 * TotalattheendoftheMonth 1 5 0 0 0
DATE AMOUNT
JANUARY2020
A. CASH RECEIPTS BOOK
12. C. GENERAL LEDGER
PARTICULARS
JAN. O.R.#001-031 1 5 0 0 0 7 0 0 0
FEB.
MAR.
APR.
Up TODecember
GRAND TOTAL X X X X X X X X X
TAXABLE YEAR 2020
2020
SALES
Amount
PURCHASES
PARTICULARS Amount
S.I.NO.0023
13. TAX RETURNS TO BE FILED (including the required attachments):
ANNUAL REGISTRATION FEE
INCOME TAX
BUSINESS TAX
A. PERCENTAGE TAX
B. VALUE ADDED TAX
EXPANDED WITHHOLDING TAX
WITHHOLDING TAX ON COMPENSATION
15. 15
INDIVIDUAL
Quarterly (BIR Form 1701Q)
Annual ITR (BIR Form 1701)
Every 15th day of the 4th moth following
the close of the taxable year (April 15).
INCOME TAX
NON-INDIVIDUAL
Quarterly (BIR Form 1702Q)
On or before the 60th day following the close
of the taxable quarter.
Annual ITR (BIR Form 1702)
on or before the 15th day of the fourth
month following the close of the taxable year.
1st Quarter May 15
2nd Quarter Aug. 15
3rd Quarter Nov. 15
16. 16
INDIVIDUAL
Quarterly (BIR Form 1701Q)
Annual ITR (BIR Form 1701)
INCOME TAX RATES
NON-INDIVIDUAL
Quarterly (BIR Form 1702Q)
Annual ITR (BIR Form 1702)
Regular rate – 30%
Minimum Corporate Income Tax – 2% of
the Gross Profit
17. TWO TYPES OF DEDUCTIONS
1. ITEMIZED DEDUCTIONS
Must be ordinary and necessary trade, business or professional
expenses attributable to the business or practice of profession.
Substantiated with sufficient evidence.
2. OPTIONAL STANDARD DEDUCTION (OSD)
Individual – 40% of Gross Sales/Receipts
Corporation – 40% of Gross Income
Once OSD is availed during the filing of 1st Quarter ITR, it is already irrevocable during the taxable year.
17
Salaries and Wages Transportation Cost
Rent Expense Supplies
Insurance Expense Interest Expense
Light and Water Depreciation
Fuel and Oil Others
EXAMPLES
18. Computation of Taxable Income
(Itemized Deductions)
GROSS RECEIPTS/ SALES 900,000.00
₱
LESS: COST SALES 490,000.00
₱
GROSS INCOME 410,000.00
₱
LESS: ITEMIZED DEDUCTIONS
Rent Expense 60,000.00
₱
Fuel and Oil 3,610.00
Salaries and Wages 100,000.00
Supplies Expense 560.00
Depreciation 3,600.00
Miscellaneous Expense 112.00 167,882.00
₱
Taxable Income 242,118.00
₱
19. Computation of Taxable Income
(40% Optional Standard Deductions)
Individual
GROSSRECEIPTS/SALES 900,000.00
₱
LESS: 40%OptionalStandardDeductions(P900,000x40%) 360,000.00
₱
TaxableIncome 540,000.00
₱
20. Computation of INCOME TAX
GROSSRECEIPTS/SALES 900,000.00
₱
LESS: COSTSALES 490,000.00
GROSSINCOME 410,000.00
LESS: ITEMIZEDDEDUCTIONS
RentExpense 60,000.00
₱
Fueland Oil 3,610.00
Salariesand Wages 100,000.00
SuppliesExpense 560.00
Depreciation 3,600.00
MiscellaneousExpense 112.00 167,882.00
TaxableIncome 242,118.00
INCOMETAXDUEUNDERTRAIN 0.00
Note:Ifthetaxdueiszero,thetaxpayerneedstofiletheIncometax
returnusingtheebirformsfacilityinBIRwebsite(www.bir.gov.ph).
GROSSRECEIPTS/SALES 900,000.00
₱
LESS:40%OptionalStandardDeductions(P900,000x40%) 360,000.00
TaxableIncome 540,000.00
INCOMETAXDUEUNDERTRAIN 65,000.00
Note: Use the income tax table for individual for computation of income tax due.
21. Documentary Requirement in Filing the ANNUAL INCOME
TAX (BIR FORM 1701/1701-A/1702)
1. Statement of Management Responsibility (SMR);
2. Financial Statements;
3. Certificate of Independent CPA duly accredited by BIR, if Gross
Sales/Receipts Exceed P 3,000,000.00;
4. Electronic Submission of Summary Alphalist of Withheld Taxes (SAWT) for
BIR Form 2307 together with confirmation receipt, if any;
5. BIR Form 2316 (for Mixed Income Earner, Individual);
6. BIR Form 1701Q / 1702Q filed with proof of payment, if to be claimed as tax
credit;
7. Income Tax Return previously filed and proof of payment, if filing an
amended return for the same taxable year.
22. SAMPLE OF FINANCIAL STATEMENT COMPOSITIONS
22
SALES 400,000.00
COST OF SALES
INVENTORY BEG 50,000.00
PURCHASES 175,000.00
TOTAL GOODS AVAILABLE FOR SALES 225,000.00
LESS: INVENTORY 65,000.00 160,000.00
GROSS PROFIT 240,000.00
ADD: OTHER INCOME 50,000.00
TOTAL 290,000.00
LESS ALLOWABLE DEDUCTION
RENTAL 36,000.00
SALARIES AND WAGES 24,000.00
ELECTRICITY 2,500.00
TAXES AND LICENSES 12,000.00
COMMUNICATION 6,000.00
TRANSPORTATION AND TRAVEL 2,000.00
FUEL AND OIL 5,000.00
REPAIRS AND MAINTENANCE 5,000.00
DEPRECIATION -
REPRESENTATION & ENTERTAINMENT -
BAD DEBTS -
CHARITABLE CONTRIBUTIONS - 92,500.00
NET INCOME 197,500.00
XYZ SARI SARI STORE
JUAN DELA CRUZ
INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2014
23. 23
LIABILITIES ANDCAPITAL
CURRENT ASSET LIABILITIES
CASH P XXXX ACCOUNTPAYABLE P XXXXXXXXX
ACCOUNTRECEIVABLE XXXX LOANS PAYABLE XXXXX
INVENTORY XXXX PERCENTAGE PAYABLE XXXXX
SUPPLIES XXXX XXXX OTHERPAYABLES XXXXX P XXXX
FIXEDASSET CAPITAL
FURNITURES ANDFIXTURES P XXXX JUANDELA CRUZCAPITAL beg. P XXXXXXXXX
STORE EQUIPMENT XXXX Add: Net Income XXXXX
DELIVEREQUIPMENT XXXX Total XXXXX
BUILDING XXXX Less Drawing XXXXX P XXXX
TOTAL XXXX
LESS: ACCUMULATEDDEPRECIATION XXXX XXXX
TOTAL ASSET P XXXX TOTAL LIABILITIES ANDCAPITAL P XXXXX
ASSET
JUANDELA CRUZ
BALANCESHEET
FORTHEYEARENDEDDECEMBER31, 2014
XYZSARI SARI STORE
SAMPLE OF FINANCIAL STATEMENT COMPOSITIONS
24. BUSINESS TAX
A. PERCENTAGE TAX
Any person whose Sales/Receipts are exempt from paying Value-Added Tax
under Sec 109 (B) of Tax Code shall be liable to 3% Percentage Tax on Gross
Sales/Receipts.
FORM TYPE: BIR FORM 2551Q
DUE DATES:
1st Quarter April 25
2nd Quarter July 25
3rd Quarter October 25
4th Quarter January 25
Documentary Requirement: Electronic Submission of Summary Alphalist of Withheld Taxes (SAWT) for
BIR Form 2307 together with confirmation receipt, if any.
25. The following are the recorded sales of Maria for the
1st Quarter of 2020.
January P 100,000.00
February 150,000.00
March 200,000.00
Total P 450,000.00
Business Tax Due (P 450,000.00 x 3%) P 13,500.00
Due Date April 25
26. What if Maria pays on April 30, how much is total tax
due?
Business Tax Due (P 450,000.00 x 3%) P 13,500.00
Add: 25% Surcharge (P 13,500.00 x 25%) 3,375.00
12% Interest per Annum (P 13,500.00 x 12% x 5 days/360 days) 22.50
Compromise Penalty 5,000.00
TOTAL P 21,897.50
27. All tax dues paid beyond the deadline are subject to the
following penalties:
1. 25% Surcharge ( Tax due x 25%)
2. 12% Interest( Tax due x 12% x (no. of days delay / 360 days))
3. Compromise Penalty based on RMO 7-2015 (see
next slide)
28. Revenue Memorandum Order 7-2015
If the amount of tax
unpaid exceeds
But does not exceed
Compromise
Penalty is
P xxx P 5,000 P 1,000
5,000 10,000 3,000
10,000 20,000 5,000
20,000 50,000 10,000
50,000 100,000 15,000
100,000 500,000 20,000
500,000 1,000,000 30,000
1,000,000 5,000,000 40,000
5,000,000 xxx 50,000
29. Optional Registration – may be opted upon initial registration or
may update during operations (Not cancellable for three (3)
years);
Mandatory Registration – Required if gross sales/receipts
exceeded or with the reason to believe that gross sales or
receipts will exceed P3,000,000 annually.
B. VALUE ADDED TAX
30. Taxable Period Due Date Form Type
January February 20 2550M
February March 20 2550M
1st Quarter April 25 2550Q
April May 20 2550M
May June 20 2550M
2nd Quarter July 25 2550Q
July August 20 2550M
August September 20 2550M
3rd Quarter October 25 2550Q
October November 20 2550M
November December 20 2550M
4th Quarter January 25 2550Q
31. VALUE ADDED TAX
OUTPUT TAX XXX
LESS: INPUT TAX XXX
VAT PAYABLE XXX
GROSS SALES/REVENUE XXX
MULTIPLY BY 12% XXX
OUTPUT VAT XXX
VATABLE PURCHASES XXX
MULTIPLY BY 12% XXX
INPUT VAT XXX
Documentary Requirement:
1. Monthly / Quarterly Electronic Submission of Summary
Alphalist of Withheld Taxes (SAWT) for BIR Form 2306
together with confirmation receipt, if any;
32. 8% OPTIONAL INCOME TAX
8% income tax on gross sales or gross receipts in excess of
P250,000 in lieu of the graduated income tax rates and the
percentage tax under Sec. 116;
Taxpayer should have expressed his/her intention of availing the 8%
Income Tax Rate
Who can avail:
Should be either a self-employed (single proprietor, professional, or
mixed income earner)
The taxpayer is a non-VAT filer (gross sales/receipt do not exceed P
3Million)
33. The total gross sales of Voily for taxable year 2018
was P 987,000.00.
Annual Gross Sales 987,000.00
Less: 40% Optional Standard Deductions 394,800.00
Taxable Income 592,200.00
Income Tax Due 78,050.00
Business Tax Due (P 987,000.00 x 3%) 29,610.00
Total P 107,660.00
34. The total gross sales of Voily for taxable year 2018
was P 987,000.00 and opted the 8% Option.
Annual Gross Sales 987,000.00
Less: 0.00
Taxable Income 987,000.00
Income Tax Due (P 987,000.00 – 250,000.00) * 8% 58,960.00
Business Tax Due 0.00
Total P 58,960.00
35. HOW TO AVAIL THE 8% OPTION
(for existing business)
1. Fill out BIR Form 1905;
2. Surrender Certificate of Registration;
3. Two (2) loose Documentary Stamp Tax;
4. Taxpayer must have expressed his/her intention of availing the
8% Income Tax Option in 1st Quarter 2551Q / 1st Quarter
1701Q which comes earlier.
36. EXPANDED WITHHOLDING TAX
A kind of withholding tax which is prescribed only for certain payors
and is creditable against the income tax due of the payee for the
taxable year.
Types of expenses payments that are subject to EWT.
Rentals Professional fees Advertising
Sugar Mineral products Quarry resources
Types of payor who are subject mandated to withhold.
Government offices
Political parties/candidates
Top Withholding Agents (TWA)
37. Examples of Income Payments subject to
Withholding Tax - Expanded
Income Payments to: RATE
Supplier of Goods 1%
Supplier of Services 2%
Rentals 5%
Professionals – Individual 5% /10%
Professionals - Corporation 10% / 15%
38. Taxable Period Due Date Form Type
January February 10 0619 E
February March 10 0619 E
1st Quarter April 30 1601EQ
April May 10 0619 E
May June 10 0619 E
2nd Quarter July 31 1601EQ
July August 10 0619 E
August September 10 0619 E
3rd Quarter October 31 1601EQ
October November 10 0619 E
November December 10 0619 E
4th Quarter January 31 1601EQ
Annualy March 1 1604 E
Required Attachments:
1. Electronic Submission of Quarterly Alphalist of Payees (QAP) together with confirmation receipt for BIR FORM 1601EQ;
2. Electronic Submission of Annual Alphalist of Payees together with confirmation receipt for BIR FORM 1604E.
39. WITHHOLDING TAX ON COMPENSATION
Persons subject to the withholding tax:
Monthly Remittance (BIR Form 1601C)
Every 10th day following the close of the month when the
withholding was made. (January to November)
Every 15th day following the close of the month when the
withholding was made. (December)
Annual Information Return (BIR Form 1604 C) on or before
January 31 following the close of taxable year, including
Alphabetical list of employees.
All employed individuals whether citizens or aliens, deriving income from compensation for
services rendered in the Philippines. The employer is constituted as the withholding agent
41. Inventory List is a report that outlines the details of all goods held by owner on the last
day of year.
Deadline: Every January 30 of the following year
42. REQUIREMENTS FOR CLOSURE OF BUSINESS
1. BIR Form No. 1905 (2 copies);
2. List of ending inventory of goods, supplies, including capital good; (1
original)
3. Inventory of unused sales invoices/ official receipts (SI/OR); (1 original)
4. Unused sales invoices/official receipts and all other unutilized accounting
forms (e.g. vouchers, debit/credit memos, delivery receipts, purchase
orders, etc. ) including business notices and permits as well as Certificate
of Registration (COR) shall be subject for destruction to be witnessed by
BIR personnel and officials. (1 original)
Note: If everything is in order and NO OPEN CASES are found, CERTIFICATE OF NO OUTSTANDING LIABILITY will be issued.
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43. In what grounds can the Commissioner of Internal Revenue
suspend the business operations of a taxpayer?
a) In the case of a VAT-registered Person:
Failure to issue receipts or invoices;
Failure to file a value-added-tax return as required under Section 114;
or
Understatement of taxable sales or receipts by thirty percent (30%) or
more of his correct taxable sales or receipts for the taxable quarter.
b) Failure of any Person to Register as Required under
Section 236.
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