Income taxation : a simplified presentation of the tax laws, concepts and principles
/ Peter O. Tulio [and four others]. --
Chapter 1: basic principles of taxation Defenition, purposes, classification and characteristics of taxation Inherent powers of the state Distinction among the three inherent powers Limitations between inherent and constitutional limitations Inherent limitations Territorial jurisdiction Situs of taxation International comity Non-delegation of the power to tax Exemption of govenment agencies Double taxation Constitiutional limitations Equal protection of the laws Rule of uniformity and equity in taxation Non-imprisonment for non-payment of poll tax Non-impairment of the obligation of contracts Power of the president to veto Regressive system of taxation Distinction of tax from other charges from poll National taxes under special laws,sources of tax law Exemptions from taxation Tax avoidance vs tax evasion Shifting Chapter 2: income taxation for individuals, estates and trust Classification of individuals Format of computation(annual return) Tax base and tax rate Personal exemptions Basic personal exemption Additional exemptions Premium paid on health and/or hospitalization insurance Head of the family Rules on change of status Estate and trust Important pointers on estates and trusts Several trust with a common grantor and a common beneficiary Filing of returns and payment of tax (estate and trust) Income tax returns for individuals, estates and trust Tax rates for individual taxpayers, estates and trusts Final tax rates on certain passive income form philippine sources (rate of tax on certain passive income) Capital gains tax Tax rates for special aliens and their filipino counterparts Chapter 3: income taxation for corporations & partnerships Corporation and other terms defined Classification of corporations Format of computation (annual income tax return) Tax base and tax rate Special corporations Special domestic corporations Special resident foreign corporation Special non-resident foreign corporation Partnership, joint venture and co-ownership Important pointers in non-taxable partnerships Important pointers in taxable partnerships Important pointers in joint ventures Important pointers in co-ownership Corporation returns Exemption from tax on corporation Tax rates in general Optional corporate income tax Tax on income derived under expanded foreign currency deposit system Optional corporate income tax Minimum corporation income tax (MCIT) Improperly accumulated earnings tax (for closely held corporations) Chapter 4: Sources of income Classification on income as to sources Determination on income as to sources Deduction of taxpayers whose taxable income is from within only Income partly from sources within partly from sources without Computation of taxable income Meaning of income Gross income defined Income distinguised from other items Compensation for personal services Gross income derived from the trading business, or exercise of profession Gains derived from dealings in property Interest income Rent income (income of lesser under lease agreement) Advance payment not representing rent Leasehold improvement Royalties Divident income (including shares in the net income of certain entities) Annulties Prizes and winnings Pensions (See exclusions from gross income) Partner's distributive share Chapter 5: exclusions from gross income Exclusions defined Proceeds of life insurance Amount recieved by insured as return premium Gifts, beqeusts and devises Compensation for injuries or sickness Income exempt under treaty Retirement benefits Miscellaneous Chapter 6: fringe benefits & fringe benefit tax Defenition of certain terms Imposition of fringe benefit tax Example of fringe benefits De minimis benefits Example of de minimis benefits Deductable fringe benefit and fringe benefit tax Computation of monetary value Monetary value of housing prvilege Other fringe benefits Fringe benefits that are not subject to fringe benefits tax Capital assets Terms associated with capital assets Summary of important points General professional partnership Sales of capital assets which are subject to capital gains tax Transactions resulting in capital gains or losses (no sale or exchange) Chapter 7: deductions from gross income Taxpayers earning compensation income Allowable deductions (items not deductible) Deductions from gross income Itemized deductions amplified (expenses in general) Interest expense Taxes Losses Bad debts Depreciation Depletion of oil and gas wells and mines Charitable and other contributions Research and development Pension trusts Optional standard deductions (rr 16-2008) Chapter 8: Accounting periods, methods, itr, payment and addtions to tax Accounting periods and methods Essentials of an acceptable accounting method Example of constructive receipt of income Installment method of reporting income Payment of capital gains tax in installments Capital gains tax on sale of real property (capital assets) Documentary stamp on sale of real property Capital gains tax on sales of shares of stocks Documentary stamp tax on sale of share of stock Persons required to file an income tax return Place and time of filing of return and payment of tax Income tax return of husbands and wife, parents and person under disability Forms, statements and information to accompany the income tax return Manual and electronic filing remittance of tax withheld Chapter 9: powers and authority of the commissioner Power and authority of the commissioner of internal revenue Power to interpret tax laws and to decide tax cases Power to obtain information and to summon, examine, abd take testimony of persons Power to make assessments and prescribe additional Requirements for tax administration and enforcement Authority of the commissioner to delegate power
ISBN 9789710161294
Income tax -- Philippines
Taxation -- Philippines
336.24
Chapter 1: basic principles of taxation Defenition, purposes, classification and characteristics of taxation Inherent powers of the state Distinction among the three inherent powers Limitations between inherent and constitutional limitations Inherent limitations Territorial jurisdiction Situs of taxation International comity Non-delegation of the power to tax Exemption of govenment agencies Double taxation Constitiutional limitations Equal protection of the laws Rule of uniformity and equity in taxation Non-imprisonment for non-payment of poll tax Non-impairment of the obligation of contracts Power of the president to veto Regressive system of taxation Distinction of tax from other charges from poll National taxes under special laws,sources of tax law Exemptions from taxation Tax avoidance vs tax evasion Shifting Chapter 2: income taxation for individuals, estates and trust Classification of individuals Format of computation(annual return) Tax base and tax rate Personal exemptions Basic personal exemption Additional exemptions Premium paid on health and/or hospitalization insurance Head of the family Rules on change of status Estate and trust Important pointers on estates and trusts Several trust with a common grantor and a common beneficiary Filing of returns and payment of tax (estate and trust) Income tax returns for individuals, estates and trust Tax rates for individual taxpayers, estates and trusts Final tax rates on certain passive income form philippine sources (rate of tax on certain passive income) Capital gains tax Tax rates for special aliens and their filipino counterparts Chapter 3: income taxation for corporations & partnerships Corporation and other terms defined Classification of corporations Format of computation (annual income tax return) Tax base and tax rate Special corporations Special domestic corporations Special resident foreign corporation Special non-resident foreign corporation Partnership, joint venture and co-ownership Important pointers in non-taxable partnerships Important pointers in taxable partnerships Important pointers in joint ventures Important pointers in co-ownership Corporation returns Exemption from tax on corporation Tax rates in general Optional corporate income tax Tax on income derived under expanded foreign currency deposit system Optional corporate income tax Minimum corporation income tax (MCIT) Improperly accumulated earnings tax (for closely held corporations) Chapter 4: Sources of income Classification on income as to sources Determination on income as to sources Deduction of taxpayers whose taxable income is from within only Income partly from sources within partly from sources without Computation of taxable income Meaning of income Gross income defined Income distinguised from other items Compensation for personal services Gross income derived from the trading business, or exercise of profession Gains derived from dealings in property Interest income Rent income (income of lesser under lease agreement) Advance payment not representing rent Leasehold improvement Royalties Divident income (including shares in the net income of certain entities) Annulties Prizes and winnings Pensions (See exclusions from gross income) Partner's distributive share Chapter 5: exclusions from gross income Exclusions defined Proceeds of life insurance Amount recieved by insured as return premium Gifts, beqeusts and devises Compensation for injuries or sickness Income exempt under treaty Retirement benefits Miscellaneous Chapter 6: fringe benefits & fringe benefit tax Defenition of certain terms Imposition of fringe benefit tax Example of fringe benefits De minimis benefits Example of de minimis benefits Deductable fringe benefit and fringe benefit tax Computation of monetary value Monetary value of housing prvilege Other fringe benefits Fringe benefits that are not subject to fringe benefits tax Capital assets Terms associated with capital assets Summary of important points General professional partnership Sales of capital assets which are subject to capital gains tax Transactions resulting in capital gains or losses (no sale or exchange) Chapter 7: deductions from gross income Taxpayers earning compensation income Allowable deductions (items not deductible) Deductions from gross income Itemized deductions amplified (expenses in general) Interest expense Taxes Losses Bad debts Depreciation Depletion of oil and gas wells and mines Charitable and other contributions Research and development Pension trusts Optional standard deductions (rr 16-2008) Chapter 8: Accounting periods, methods, itr, payment and addtions to tax Accounting periods and methods Essentials of an acceptable accounting method Example of constructive receipt of income Installment method of reporting income Payment of capital gains tax in installments Capital gains tax on sale of real property (capital assets) Documentary stamp on sale of real property Capital gains tax on sales of shares of stocks Documentary stamp tax on sale of share of stock Persons required to file an income tax return Place and time of filing of return and payment of tax Income tax return of husbands and wife, parents and person under disability Forms, statements and information to accompany the income tax return Manual and electronic filing remittance of tax withheld Chapter 9: powers and authority of the commissioner Power and authority of the commissioner of internal revenue Power to interpret tax laws and to decide tax cases Power to obtain information and to summon, examine, abd take testimony of persons Power to make assessments and prescribe additional Requirements for tax administration and enforcement Authority of the commissioner to delegate power
ISBN 9789710161294
Income tax -- Philippines
Taxation -- Philippines
336.24