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    BSOA 4A and 4B Income Taxation

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    BSOA 4A and 4B Income Taxation

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    13 views2 pages

    BSOA 4A and 4B Income Taxation

    Uploaded by

    tomasnielkevin433

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    © All Rights Reserved
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    Republic of the Philippines

    EASTERN VISAYAS STATE UNIVERSITY


    Dulag Campus

    B. INCOME TAXATION

    I. Definition, Nature, and General Principles (Zeta)


    a. Criteria in Imposing Philippine Income Tax (Villamor)
    b. Types of Philippine Income Taxes (Tomas)
    c. Taxable period (Sumayod)
    d. Kinds of Taxpayers (Sarino)
    II. Income
    a. Definition and Nature When Income is Taxable (Saldaña)
    b. Tests in Determining Whether Income is Earned for Tax
    Purposes (Romawak)
    i. Realization Test (Raagas)
    ii. Economic Benefit Test, Doctrine of Proprietary Interest
    (Po)
    iii. Severance Test (Peleño)
    c. Tax-Free Exchanges (Peñeda)
    d. Situs of Income Taxation (Muñez)
    III. Gross Income
    a. Definition (Manacpo)
    b. Concept of Income from whatever source derived (Magtabog)
    c. Gross income vs. Net income vs. Taxable income (Maceda and
    Loyola)
    d. Sources of Income Subject to Tax
    i. Compensation Income (Linde)
    ii. Fringe Benefits (Lagunzad)
    iii. Professional Income (Hecto)
    iv. Income from Business (Gobangco)
    v. Income from Dealings in Property (Garcia)
    vi. Passive Investment Income (Gabriola)
    vii. Annuities, proceeds from Life Insurance or other types of
    insurance (Francisco)
    viii. Prizes and awards (Estopin)
    ix. Pensions, retirement benefit or separation pay (De Paz,
    Mary Joy)
    x. Income from any sources (De Paz, Dario Elmo)
    e. Exclusions (Custodio)
    i. Taxpayers who may avail (Comora)
    ii. Distinguished from Deductions and Tax Credits (Cesar)
    IV. Deductions from Gross Income (Cartujano)
    a. Concept as Return of Capital (Cagara)
    b. Itemized Deductions vs. Optional Standard Deductions (Biron
    and Agullo)
    c. Items not deductible (Advincula, Christine)
    V. Income Tax on Individuals (Acompañado)
    a. Resident Citizens, Non-Resident Citizens, and Resident Aliens
    (Abad)
    i. Inclusions and Exclusions for Taxation on Compensation
    Income (Advincula, Daphne)
    ii. Taxation of Business Income/Income from Practice of
    Profession (Agullo)
    iii. Taxation of passive income (Cajepe)
    iv. Taxation of capital gains (Canales)
    v. Capital assets vs. ordinary assets (Cinco)
    b. Income tax on non-resident aliens engaged in trade or business
    (Dasolbo)
    c. Income tax on non-resident aliens not engaged in trade or
    business (De Paz, Christopher)
    d. Individual taxpayers exempt from Income Tax
    i. Senior citizens (De San Miguel)
    ii. Minimum wage earners (Devaras)
    iii. Exemptions granted under international agreements
    (Dumaguit, April)
    VI. Income Tax on Corporations
    a. Income tax on domestic corporations and resident foreign
    corporations (Dumaguit, Shiela)
    i. Branch profit remittance tax (Estrella)
    ii. Itemized deductions vs. Optional Standard Deductions
    ( Garcia)
    iii. Income tax on special corporations (Ligo)
    iv. Exemptions from tax on corporations (Loreno)
    v. Period within which to file income tax return of individuals
    and corporations (Malaza)
    vi. Substituted filing (Medino)
    vii. Failure to file returns (Octat)
    b. Income tax on non-resident foreign corporations (Pace)
    c. Income tax on special corporations
    i. Proprietary educational institutions and hospitals
    (Paduano)
    ii. Non-profit hospitals (Pesado)
    iii. Government-owned or controlled corporations,
    agencies, and instrumentalities. (Ramos)
    d. Tax on other business entities: general partnerships, general
    professional partnerships, co-ownerships, joint ventures, and
    consortia (Sagaya and Samiana)

    VII. Withholding taxes


    a. Concept (Santos)
    b. Creditable vs. Withholding taxes (Urbano)
    c. Duties of a withholding agent (Vertulfo and Villero)

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