After all, my birth date has its significance besides my being born on that date. After reading the codal provisions of the NIRC I learned that April 15 is quite significant in filing the individual and corporate ITR's:
For Individual Taxpayers (pure compensation income earners): Sec. 51 (C)(1) provides: The return of any individual specified above shall be filed on or before the fifteenth (15th) day of April of each year covering income for the preceding taxable year.
For Inviduals subject to tax on capital gains: Sec. 51 (C)(2): (a) From the sale or exchange of shares of stock not traded thru a local stock exchange as prescribed under Sec. 24(C) shall file a return within 30 days after each transaction and a final consolidated return on or before April 15 of each year covering all stock transactions of the preceding taxable year; and (b) From the sale or disposition of real property under Section 24(D) shall file a return within 30 days following each sale or other disposition.
Meaning, you may be rich and you don't need your extra parcel of land so you decide to dispose it either by sale or exchange or you are so poor that you are left with no choice but to sell your only parcel of land just to place food on your table. hehe
For Individuals Receiving Self-Employment Income (meaning, he derives income other than compensation for services rendered under an er-ee relationship, but also from exercise of profession, trade or business): Sec. 74(B): He shall pay on 4 installments (3 quarterly returns and 1 annual return) - 1st Quarter Return - April 15, 2nd Quarter Return - August 15, Third Quarter Return - November 15 all within the current year. And the Annual Final Return on April 15 of the following tax year when the final adjusted income tax return is due to be filed.
For Corporations, their Quarterly Corporate Income Tax Return is provided in Sec. 75: They shall likewise be subject to 3 quarterly returns and an annual return (fiscal year or calendar year). Which shall be made not later than 60 days from the close of each of the first 3 quarters of the taxable year and the final return on the 15th day of the fourth month of the next succeeding taxable year.
See how significant April 15 is? hehe
For Individual Taxpayers (pure compensation income earners): Sec. 51 (C)(1) provides: The return of any individual specified above shall be filed on or before the fifteenth (15th) day of April of each year covering income for the preceding taxable year.
For Inviduals subject to tax on capital gains: Sec. 51 (C)(2): (a) From the sale or exchange of shares of stock not traded thru a local stock exchange as prescribed under Sec. 24(C) shall file a return within 30 days after each transaction and a final consolidated return on or before April 15 of each year covering all stock transactions of the preceding taxable year; and (b) From the sale or disposition of real property under Section 24(D) shall file a return within 30 days following each sale or other disposition.
Meaning, you may be rich and you don't need your extra parcel of land so you decide to dispose it either by sale or exchange or you are so poor that you are left with no choice but to sell your only parcel of land just to place food on your table. hehe
For Individuals Receiving Self-Employment Income (meaning, he derives income other than compensation for services rendered under an er-ee relationship, but also from exercise of profession, trade or business): Sec. 74(B): He shall pay on 4 installments (3 quarterly returns and 1 annual return) - 1st Quarter Return - April 15, 2nd Quarter Return - August 15, Third Quarter Return - November 15 all within the current year. And the Annual Final Return on April 15 of the following tax year when the final adjusted income tax return is due to be filed.
For Corporations, their Quarterly Corporate Income Tax Return is provided in Sec. 75: They shall likewise be subject to 3 quarterly returns and an annual return (fiscal year or calendar year). Which shall be made not later than 60 days from the close of each of the first 3 quarters of the taxable year and the final return on the 15th day of the fourth month of the next succeeding taxable year.
See how significant April 15 is? hehe
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