Tax Return Filing Deadlines

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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?

Within 30 days from the date of the donation (B) Signup and view all the answers

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

Within 30 days from the date of sale (D) Signup and view all the answers

What is the deadline for filing documentary stamp tax return?

Within 10 days from the end of the month (C) Signup and view all the answers

What is the primary purpose of an assessment in taxation?

To determine the tax liability of a taxpayer (B) Signup and view all the answers

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

To obtain data and information from third parties (A) Signup and view all the answers

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

3 years from the date of filing or deadline, whichever is later (C) Signup and view all the answers

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

April 15 of the following year (D) Signup and view all the answers

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

The taxpayer will be subject to a 10-year prescriptive period of assessment (C) Signup and view all the answers

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

On the 15th day of the fourth month following the end of the taxpayer's year-end (A) Signup and view all the answers

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

To verify compliance with withholding tax and other internal revenue taxes (A) Signup and view all the answers

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

The taxpayer is issued a subpoena duces tecum (D) Signup and view all the answers

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

Best evidence obtainable rule (C) Signup and view all the answers

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

To verify the taxpayer's compliance with withholding tax and other internal revenue taxes (D) Signup and view all the answers

What is the purpose of the subpoena ad testificandum?

To summon a person to appear and give oral testimony (D) Signup and view all the answers

What is the final step in the examination process?

Reporting the results of the investigation (A) Signup and view all the answers