11 Task Performance 1

CALDITO, JANINE B.
BSBA401

1. Determine the income tax return required to be filed by law.

An individual needs to claim income tax refund, he/she will need to first file the
income tax return. Depending on the income assessment group, the individual will
need to submit one of the ITR forms listed below:
 ITR-1- For Individuals having Income from Salaries, One house property, Other
sources (Interest etc)
 ITR-2- For Individuals and HUFs not having Income from Business or
Profession.
 ITR-2A-For Individuals and HUFs not having Income from Business or
Profession and Capital Gains and who do not hold foreign assets.
 ITR-3- For Individuals/HUFs being partners in firms and not carrying out
business or profession under any proprietorship.
 ITR-4- For individuals and HUFs having income from a proprietary business or
profession.
 ITR-4S- Presumptive business income tax return.
 ITR-5- For persons other than, - (i) individual, (ii) HUF, (iii) company and (iv)
person filing Form ITR-7.
 ITR-6- For Companies other than companies claiming exemption under section
11.
 ITR-7- For persons including companies required to furnish return under sections
139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)
 ITR-V- The acknowledgment form of filing a return of income.

2. Identify the people liable in filling income tax returns.

 Every Filipino citizen residing outside the Philippines on his income from sources
within the Philippines;
 Every alien residing in the Philippines, on income derived from sources within
the Philippines; and
 Every non-resident alien engaged in trade or business or in the exercise of a
profession in the Philippines.
3. Discuss withholding tax.

Tax withholding is a tax paid by the employer and is deducted from the employee's
total income to cover the total annual tax that the employee expects to pay to the
government.

4. Distinguish withholding of final tax on certain incomes from withholding of

creditable tax at source.

In a credible withholding tax (CWT) system, the tax withheld on a particular income
payment is intended to be the same as, or at least approximate, the tax payable to the
recipient on that income. Income recipients are required to file an income tax return
under Articles 51 and 52 in order to report their income and pay the difference
between the tax withheld and the amount paid on their income.