Tax Return Filing Deadlines
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Questions and Answers

What is the deadline for filing a capital gains tax return for the sale of domestic stocks?

  • Within 10 days from the end of the month
  • Within 15 days from the end of the quarter
  • Within 25 days from the end of the quarter
  • Within 30 days from the date of sale (correct)
  • What is the deadline for filing withholding tax returns for compensation income and expanded withholding tax?

  • Within 30 days from the date of sale
  • Within 15 days from the end of the quarter
  • Within 25 days from the end of the quarter
  • Within 10 days from the end of each calendar month (correct)
  • How long does a taxpayer have to modify, change or amend a return?

  • 1 year from the date of filing
  • 3 years from the date of filing (correct)
  • 5 years from the date of filing
  • No time limit
  • What is the deadline for filing a transfer tax return for donor's tax?

    <p>Within 30 days from the date of the donation</p> Signup and view all the answers

    What is the deadline for filing a capital gains tax return on sale of real properties?

    <p>Within 30 days from the date of sale</p> Signup and view all the answers

    What is the deadline for filing documentary stamp tax return?

    <p>Within 10 days from the end of the month</p> Signup and view all the answers

    What is the primary purpose of an assessment in taxation?

    <p>To determine the tax liability of a taxpayer</p> Signup and view all the answers

    What is one of the powers of the Commissioner of Internal Revenue (CIR)?

    <p>To obtain data and information from third parties</p> Signup and view all the answers

    What is the general rule for the prescriptive period of assessment?

    <p>3 years from the date of filing or deadline, whichever is later</p> Signup and view all the answers

    What is the deadline for filing annual income tax returns for individuals?

    <p>April 15 of the following year</p> Signup and view all the answers

    What is the consequence of non-filing of tax returns?

    <p>The taxpayer will be subject to a 10-year prescriptive period of assessment</p> Signup and view all the answers

    What is the deadline for filing annual income tax returns for corporations?

    <p>On the 15th day of the fourth month following the end of the taxpayer's year-end</p> Signup and view all the answers

    What is the reason behind the Commissioner of Internal Revenue's power to obtain information?

    <p>To verify compliance with withholding tax and other internal revenue taxes</p> Signup and view all the answers

    What happens if a taxpayer fails to produce documents after two consecutive requests?

    <p>The taxpayer is issued a subpoena duces tecum</p> Signup and view all the answers

    What is the basis for preparing an assessment if the requested documents cannot be obtained?

    <p>Best evidence obtainable rule</p> Signup and view all the answers

    What is the primary purpose of the examination of the taxpayer's records?

    <p>To verify the taxpayer's compliance with withholding tax and other internal revenue taxes</p> Signup and view all the answers

    What is the purpose of the subpoena ad testificandum?

    <p>To summon a person to appear and give oral testimony</p> Signup and view all the answers

    What is the final step in the examination process?

    <p>Reporting the results of the investigation</p> Signup and view all the answers

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