TAX-1601 Flashcards
(10 cards)
a. The income tax return for the calendar year 2024 of a small taxpayer was due for filing on April 15, 2025. The tax due was P100,000. The taxpayer voluntarily filed his tax return without notice from the BIR only on June 30, 2025.
Question 1 - How much was the total amount due?
Question 2 - Assuming the taxpayer was classified as large taxpayer, how much was the total amount due?
b. The taxpayer’s 2024 percentage tax return of a micro taxpayer is required to be filed through the authorized agent bank under the jurisdiction of RDO East Makati. Without prior authorization from the Commissioner, the taxpayer files the reti and pays the tax through an authorized agent bank under the jurisdiction of RDO Davao City. The tax due and paid pr return is P100,000.
Question 1 - How much is the amount still due?
Question 2 - Assuming the taxpayer is classified as medium taxpayer, how much is the amount still due?
c. (Adapted) Taxpayer filed on time his income tax return for calendar year 2018 and paid P100,000 on April 15, 2019. Upon pre-audit of his return, it was disclosed that he erroneously computed the tax due. The correct amount of tax due is P120,000. The taxpayer is assessed for deficiency income tax in a letter of demand and assessment notice issued on June 30, 2020.
Question 1 - How much was the amount still due?
Question 2 - Under EOPT and assuming the filing and payment of tax was made during its effectivity, how much was amount still due?
d. (Adapted) XYZ Corporation filed its income tax return for calendar year 1997 with a net taxable income of P500,000. At the applicable income tax rate of 35% for the year 1997, its income tax amounted to P175,000. However, upon investigation, it was disclosed that its income tax return was false or fraudulent because it did not report a taxable income amounting. to another P500,000.. On its net income of P1,000,000, per investigation, the income tax due is P350,000. Deducting its payment per return filed, the deficiency, excluding penalties, amounted to P175,000. It was duly informed of this finding through the Preliminary Assessment Notice. Failing to protest on time against the preliminary assessment notice, a formal letter of demand and assessment notice was issued on May 31, 1999 calling for payment of the deficiency income tax on or before June 30, 1999.
How much was the total amount due?
e. (Adapted) Using the same data in the preceding letter d, assuming that the calendar year 1997 deficiency income tax assessment against XYZ Corporation was not paid by June 30, 1999, the deadline for payment of the assessment and assuming further that this assessment had already become final and collectible. The corporation paid its tax assessment only by July 31, 1999.
How much was the total amount due excluding suggested compromise penalty for late payment?
f. (Adapted) DEF Corporation due to financial incapacity, requested that it be allowed to pay its income tax liability per return for calendar year 2018, in the amount of P1,000,000 in four (4) monthly installments, starting April 15, 2019. Its request had been duly approved pursuant to Sec. 53 of the Tax Code.
How much was the amount due on:
1) April 15, 2019?
2) May 15, 2019?
3) June 15, 2019?
4) July 15, 2019?
g. (Phil. CPA Modified) Mr. Juan Kuan filed his donor’s tax return and paid the tax thereon in the amount of P100,000 on July 15, 2018. The date of donation was March 16, 2018.
How much was the total penalties in the form of interest collectible from him?
h. (Phil. CPA Modified) Mr. Nama Thay died on October 15, 2018. The administrator of the estate filed the estate tax return and paid the tax shown thereon in full on April 15, 2019. In February, 2020, the administrator received an assessment notice and demand from the BIR to pay deficiency estate tax of P20,000 on or before April 15, 2020.
How much was the total amount of tax payable as shown in the assessment notice?
i. A taxpayer did not file his monthly VAT declaration for the month of January, 2016, which was due for filing on February 20, 2016. He was notified by the BIR of his failure to file the declaration, for which reason, he filed his declaration and paid the tax only after the said notice on June 30, 2017. The tax due per monthly VAT declaration was P100,000.
How much was the total amount due on June 30, 2017?
j. Figure J
