Title II — TAX ON INCOME
to which a declaration is required under Subsection (A) shall be paid in
four (4) installments. The first installment shall be paid at the time of
the declaration and the second and third shall be paid on August 15 and
November 15 of the current year, respectively. The fourth installment shall
be paid on or before May 1536 of the following calendar year when the
final adjusted income tax return is due to be filed.
(C)
Definition of Estimated Tax. — In the case of an individual, the term
‘estimated tax’ means the amount which the individual declared as income
tax in his final adjusted and annual income tax return for the preceding
taxable year minus the sum of the credits allowed under this Title against
the said tax. If, during the current taxable year, the taxpayer reasonably
expects to pay a bigger income tax, he shall file an amended declaration
during any interval of installment payment dates.
SEC. 75. Declaration of Quarterly Corporate Income Tax. — Every
corporation shall file in duplicate a quarterly summary declaration of its gross
income and deductions on a cumulative basis for the preceding quarter or
quarters upon which the income tax, as provided in Title II of this Code, shall
be levied, collected and paid. The tax so computed shall be decreased by the
amount of tax previously paid or assessed during the preceding quarters and
shall be paid not later than sixty (60) days from the close of each of the first
three (3) quarters of the taxable year, whether calendar or fiscal year.
SEC. 76. Final Adjustment Return. — Every corporation liable to tax under
Section 27 shall file a final adjustment return covering the total taxable income
for the preceding calendar or fiscal year. If the sum of the quarterly tax payments
made during the said taxable year is not equal to the total tax due on the entire
taxable income of that year, the corporation shall either:
(A)
Pay the balance of tax still due; or
(B)
Carry-over the excess credit; or
(C)
Be credited or refunded with the excess amount paid, as the case may be.
In case the corporation is entitled to a tax credit or refund of the excess
estimated quarterly income taxes paid, the excess amount shown on its
final adjustment return may be carried over and credited against the
estimated quarterly income tax liabilities for the taxable quarters of the
succeeding taxable years.
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As amended by Section 20 of the TRAIN Law. Previous deadline for the fourth installment was
April 15 of the following calendar year. To clarify, the deadline for filing the annual income tax
return and payment of the income tax payable therein is still April 15 of the succeeding calendar
year pursuant to Section 51(C)(1) of this Code.
National Internal Revenue Code of 1997 (as amended by the TRAIN Law, RAs 11256, 11346 and 11467)
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