Title II — TAX ON INCOME 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.28 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,29 be filed by the president, vice-president or other principal officer, and 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 28 Introduced by Section 14 of the TRAIN Law. 29 Introduced by Section 15 of the TRAIN Law. National Internal Revenue Code of 1997 (as amended by the TRAIN Law, RAs 11256, 11346 and 11467) 79

Select target paragraph3

Connect to a paragraph
Connect to an entity
Disable highlights
Add to table of contents