Professional Documents
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1. CALENDAR PERIOD
Instances when calendar year shall be the basis for computing net income:
NOTE: Taxpayers other than a corporation are required to use only the
calendar year.
2. FISCAL PERIOD
It is a period of twelve (12) months ending on the last day of any month
other than December (NIRC, Sec. 22 [Q]).
NOTE: The final adjustment return shall be filed on or before the fifteenth
(15th) day of April, or on or before the fifteenth (15th) day of the fourth (4th)
month following the close of the fiscal year, as the case may be.
3. SHORT PERIOD
General Rule:
Instances when the taxpayer may have a taxable period of less than twelve
(12) months: