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  • Income Tax Schemes, Accounting Periods, Accounting Methods and Reporting

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    Angelica Pagaduan
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    This document outlines different income tax schemes, accounting periods, accounting methods, and reporting. It discusses final income taxation for some passive income, capital gains taxation for gains from capital assets, and regular income taxation as the residual definition. Accounting periods include the calendar year from January 1 to December 31 and fiscal years of any 12-month period. Accounting methods cover general accrual and cash bases, installment and deferred payment, percentage of completion, outright and spread-out, and crop year basis.

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    Lesson 4

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    This document outlines different income tax schemes, accounting periods, accounting methods, and reporting. It discusses final income taxation for some passive income, capital gains taxation for gains from capital assets, and regular income taxation as the residual definition. Accounting periods include the calendar year from January 1 to December 31 and fiscal years of any 12-month period. Accounting methods cover general accrual and cash bases, installment and deferred payment, percentage of completion, outright and spread-out, and crop year basis.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    22 views1 page

    Income Tax Schemes, Accounting Periods, Accounting Methods and Reporting

    Uploaded by

    Angelica Pagaduan
    This document outlines different income tax schemes, accounting periods, accounting methods, and reporting. It discusses final income taxation for some passive income, capital gains taxation for gains from capital assets, and regular income taxation as the residual definition. Accounting periods include the calendar year from January 1 to December 31 and fiscal years of any 12-month period. Accounting methods cover general accrual and cash bases, installment and deferred payment, percentage of completion, outright and spread-out, and crop year basis.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 1

    Income Tax Schemes

    INCOME TAX SCHEMES, ACCOUNTING 1. Final Income Taxation - some passive income
    PERIODS, ACCOUNTING METHODS AND 2. Capital Gains Taxation - some gains from capital
    REPORTING assets
    Lesson 4 3. Regular Income Taxation -residual definition

    Accounting Periods Accounting Methods


    1. Calendar year - January 1 to December 31 1. General methods
    2. Fiscal year - any 12-month period that ends on any a. Accrual basis
    day other than Dec 31 b. Cash basis
    2. Installment and deferred payment method
    3. Percentage of completion method
    4. Outright and spread-out method
    5. Crop year basis

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