ACCO 2033 INCOME TAXATION

REQUIREMENTS
2ND SEMESTER 2018-2019

1. SUMMARY OF THE CHANGES IN THE NIRC 1997 PER TRAIN LAW WHICH WAS EFFECTIVE JANUARY 1, 2018.
A. GET HOLD OF THE NATIONAL INTERNAL REVENUE CODE OF 1997 AND THE REPUBLIC ACT 10983 TRAIN LAW
B. READ THE SECTIONS OF THE NIRC ON INCOME TAXATION ON THE FOLLOWING TOPICS:
1. General Principles of Taxation:
Nature, Scope, Classification and characteristics
Principles of Sound Tax System
Limitations on the Power of Taxation
Legislation of Tax Laws and Tax Remedies
Organization, Powers, Functions of Bureau of Internal Revenue
Addition to Tax: Surcharges, Interest and Compromise Penalty
2. Individual Income Taxation
BIR Compliance Requirements
Deadline of filing ITR and Quarterly Income Tax Return
Graduated Rates
BIR Forms required for the different kind of Taxpayers
Classification of Individuals
Allowed Personal Exemptions & Health, Hospitalization Insurance Premium
Income Exempt from Income Tax
Income subject to Final Tax
Income Subject to Basic Tax
Income Tax Credits
Fringe Benefits
Non-Taxable Fringe Benefits
De Minimis Benefits
Taxable Fringe Benefits
Other Fringe Benefits
3. Gross Income definition
Kinds of Gross Income and definition
Gross Income Inclusions and Exclusions
4. Allowed Deductions on Gross Income
Optional Deduction – definition
Itemized Deduction – definition
Different Kinds of Business Expenses
Deductible Business Expenses
Non-deductible Business Expenses

Summarize the following laws:

C. THE SENIOR CITIZEN LAW

D. THE MAGNA CARTA FOR DISABLED PERSONS –
E. THE MICRO BUSINESS ENTERPRISE ACT

2. Prepare a Summary of the Changes or Amendments of the NIRC 1997 that were amended based on the TRAIN
LAW effective January 2018. Use the following table in answering this number.

Sections in NIRC that Description of the Old Provision per NIRC New Provision per
was amended Section before Train Law TRAIN Law

PLEASE SUBMIT THE REQUIREMENTS THRU MY EMAIL ACCOUNT lilianlitonjua@yahoo.com on or before March 30, 2019.
Please acknowledge receipt of this requirement. Make your answers with ACCORDING TO THE ARRANGEMENT OF ABOVE
QUESTIONS. YOUR NAME AT THE START OF THE FIRST PAGE.