SEC. 48. SEC. 49. SEC. 50. Accounting for Long-term Contracts......................................................75 Installment Basis...................................................................................75 Allocation of Income and Deductions.....................................................76 CHAP. IX. SEC. 51. SEC. 51-A. SEC. 57. SEC. 58. SEC. 59. RETURNS AND PAYMENT OF TAX........................................................76 Individual Return..................................................................................76 Substituted Filing of Income Tax Returns by Employees Receiving Purely Compensation Income................................................................79 Corporation Returns..............................................................................79 Extension of Time to File Returns...........................................................80 Returns of Receivers, Trustees in Bankruptcy or Assignees.....................81 Returns of General Professional Partnerships.........................................81 Payment and Assessment of Income Tax for Individuals and Corporations.........................................................................................81 Withholding of Tax at Source.................................................................83 Returns and Payment of Taxes Withheld at Source.................................84 Tax on Profits Collectible from Owner or Other Persons.........................86 CHAP. X. SEC. 60. SEC. 61. ESTATES AND TRUSTS.........................................................................86 Imposition of Tax...................................................................................86 Taxable Income.....................................................................................87 SEC. 62. SEC. 63. SEC. 64. SEC. 65. SEC. 66. Exemption Allowed to Estates and Trusts...............................................88 Revocable Trusts....................................................................................88 Income for Benefit of Grantor................................................................88 Fiduciary Returns..................................................................................88 Fiduciaries Indemnified Against Claims for Taxes Paid...........................89 CHAP. XI. SEC. 67. SEC. 68. SEC. 69. SEC. 70. SEC. 71. OTHER INCOME TAX REQUIREMENTS................................................89 Collection of Foreign Payments..............................................................89 Information at Source as to Income Payments........................................89 Return of Information of Brokers...........................................................90 Returns of Foreign Corporations............................................................90 Disposition of Income Tax Returns, Publication of Lists of Taxpayers and Filers..............................................................................90 Suit to Recover Tax Based on False or Fraudulent Returns......................91 Distribution of Dividends or Assets by Corporations. .............................91 SEC. 52. SEC. 53. SEC. 54. SEC. 55. SEC. 56. SEC. 72. SEC. 73. CHAP. XII. QUARTERLY CORPORATE INCOME TAX ANNUAL DECLARATION AND QUARTERLY PAYMENTS OF INCOME TAXES................................92 Isla Lipana & Co., the Philippine member firm of the PwC network