Section 8
SEC. 8. (a) The tax shall be commuted upon the net income, ascertained in accordance with the foregoing provisions, of each person subject thereto, received in each preceding calendar year ending December thirty-first. (b) On or before the first day of March, nineteen hundred and twenty and the first day of March in each year thereafter, a true and accurate return under oath shall be made by each person of lawful age, except as hereinafter provided, having an income of six thousand pesos or over for the taxable year to the Collector of Internal Revenue or provincial treasurer of the province in which such person has his legal residence or principal place of business, or if there be no legal residence or place of business in the Philippine Islands, then with the Collector of Internal Revenue, in such form as the latter, with the approval of the Secretary of Finance, shall prescribe, setting forth specifically the gross amount of income from all separate sources, and from the total thereof deducting the aggregate items of allowances herein authorized: Provided, That the Collector of Internal Revenue shall have authority to grant a reasonable extension of time, in meritorious cases, for filing returns of income: Provided further, That the aforesaid return may be made by an agent when by reason of illness, absence, or nonresidence the person liable for said return is unable to make and render the same, the agent assuming the responsibility of making the return and incurring penalties provided for erroneous, false or fraudulent returns. (c) Guardians, trustees, executors, administrators, receivers, conservators, and all persons, corporations, partnerships, joint-accounts (cuentas en participacion), or associations, acting in any fiduciary capacity, shall render a return of the income of the person, trust or estate for whom or which they act, and be subject to all the provisions of this Law which apply to individuals. Such fiduciary shall make oath that he has sufficient knowledge of the affairs of such person, trust, or estate to enable him to make such return and that the same is, to the best of his knowledge and belief, true and correct, and be subject to all the provisions of this Law which apply to individuals: Provided, That a return made by one of two or more joint fiduciaries filed in the province where such fiduciary resides, under such regulations as the Collector of Internal Revenue with the approval of the Secretary of Finance may prescribe, shall be a sufficient compliance with the requirements of this paragraph: Provided further, That no return of income not exceeding six thousand pesos shall be required except as in this Law otherwise provided. (d) Persons carrying on business in general co-partnership (compañia colectiva) duly registered shall be liable for income tax only in their individual capacity, and the share of the profits of the general co-partnership (compañia colectiva) to which any taxable partner would be entitled if the same were divided, whether divided or otherwise, shall be returned for taxation and the tax paid under the provisions of this Law: Provided, That from the net distributive interests on which the individual members shall be liable for tax, normal and additional, there shall be excluded their proportionate shares received from interests on the obligations of the United States to the extent provided in the Act authorizing the issue thereof; interest upon the obligations of the Government of the Philippine Islands or any political subdivision thereof, but in the case of such obligations issued after January first, nineteen hundred and nineteen, only to the extent provided in the Act authorizing the issue thereof, and that for the purpose of computing the normal tax there shall be allowed a credit for their proportionate share of the profits derived from the dividends or net profits subject to the tax established in subsection (a) of section ten. Such general co-partnership; (compañia colectiva), when requested by the Collector of Internal Revenue or his authorized deputies, shall render a correct return of its earnings, profits, and income, except income exempt under section four of this Act, setting forth the item of the gross income and the deductions and credits allowed by this Law, and the names and addresses of the individuals who would be entitled to the net earnings, profits, and income, if distributed. A general co-partnership (compania colectiva) shall have the same privilege of fixing its own fiscal year and making returns upon the basis of the same as accorded to corporations. (e) An individual keeping accounts upon any basis other : than that of actual receipts and disbursements, unless such other basis does not clearly reflect his income, may, subject to regulations made by the Collector of Internal Revenue, with the approval of the Secretary of Finance, make his return upon the basis upon which his accounts are kept, in which case the tax shall be computed upon his income as so returned. ASSESSMENT.