Section 14
SEC. 14. (a) All assessments shall be made by the Collector of Internal Revenue, and the several corporations, joint-stock companies, partnerships, joint-accounts (cuentas en participacion), associations, and insurance companies shall be notified of the amount for which they are respectively liable on or before the first day of June of each year, and said assessment shall be paid on or before the fifteenth day of June: Provided, That every corporation, joint-stock company, partnership, joint-account y (cuenta en participacion), association, and insurance company, computing taxes upon the income of the fiscal year which it may designate in the manner herein before provided, shall pay the taxes due under its assessment within one hundred and five days after the date upon which it is required to file its list or return of income for assessment; except in cases of refusal or neglect to make such return, and in cases of erroneous, false, or fraudulent returns, in which cases the Collector of Internal Revenue shall, upon the discovery thereof, at any time within three years after said return is made or due, make a return upon information obtained as provided for in this Law or by existing law or require the return made to be corrected and the assessment made by the Collector of Internal Revenue thereon shall be paid by such corporation, joint-stock company, partnership, joint-account (cuenta en participaci6n), association, or insurance company immediately upon notification of the amount of such assessment; and to the tax due and unpaid after the fifteenth day of June of any year, or after one hundred and five days from the date on which the return of income is required to be made by the taxpayer, and after ten days' notice and demand thereof by the Collector, there shall be added five per centum on the amount and interest at the rate of one per centum per month upon the said tax, from the time the same becomes due: Provided, That upon the examination of any return of income made pursuant to this Law, if it shall appear that amounts of tax have been paid in excess of those properly due, the taxpayers shall be permitted to present a claim for refund thereof. (b) After the assessment shall have been made, as provided in this Law, the returns together with any corrections thereof which may have been made by the Collector, shall be filed in the Office of the Collector of Internal Revenue and shall constitute public records and be open to inspection as such upon the order of the Governor-General under rules and regulations to be prescribed by the Secretary of Finance. (c) If any of the corporations, joint-stock companies, partnerships, joint-accounts (cuentas en participacion), associations, or insurance companies aforesaid shall refuse or neglect to make a return at the time or times herein before specified in each year, or shall render a false or fraudulent return, such corporation, joint-stock company, partnership, joint-account (cuenta en participaci6n), association, or insurance company shall be liable to a penalty of not exceeding P20,000: Provided, That the Collector of Internal Revenue shall have authority to grant a reason able extension of time in meritorious cases, as he may deem proper. (d) When a second assessment is made in case of any list, statement, or return, which in the opinion of the Collector was false or fraudulent, or contained any understatement or undervaluation, no tax collected under such-assessment shall be recovered by any suit unless it is proved that the .said list, statement, or return was not false nor fraudulent and did not contain any understatement or undervaluation; but this provision shall not apply to statements or returns made or to be made in good faith regarding annual depreciation of oil or gas wells and mines.