Returns and payment of taxes withheld at source.
Section 54
SEC. 54. Returns and payment of taxes withheld at source. — (a) Quarterly returns and payment of taxes withheld. — Taxes deducted and withheld under Section fifty-three (now 50) shall be covered by a return and paid to the Revenue District Officer, Collection Agent, or duly authorized Treasurer of the city, or municipality where the withholding agent has his legal residence or principal place of business or where the withholding agent is a corporation, where the principal office is located. The taxes deducted and withheld by the withholding agent shall be held as a special fund in trust for the Government until paid to the collecting officers. The Commissioner of Internal Revenue may, with the approval of the Secretary of Finance, require these withholding agents to pay or deposit the taxes deducted or withheld at more frequent intervals when necessary to protect the interest of the Government. The return for final withholding tax shall be filed and the payment made within 25 days from the close of each calendar quarter. (b) Annual statements of income payments made and taxes withheld.—Every withholding agent required to deduct and withhold taxes under Section fifty-three shall furnish each income recipient, in respect to his receipts during the calendar year, on or before January 31 of the succeeding year, a written statement showing the income payments made by the withholding agent during the calendar year, and the amount of the tax deducted and with held therefrom. (c) Annual returns.—Every withholding agent required to deduct and withhold taxes under Section fifty-three shall submit to the Commissioner of Internal Revenue a statement of the total amount withheld during the year, with copies of the statement referred to in subsection (b) of this section, on or before January thirty-first of the succeeding year. This return, if made and filed in accordance with regulations, approved by the Secretary of Finance, shall be sufficient compliance with the requirements of section seventy-seven of this Title in respect to the income payments. The Commissioner of Internal Revenue may, by regulations, grant to any withholding agent a reasonable extension of time to furnish and submit the return required in this subsection. (d) Verification of returns.—The Commissioner of Internal Revenue may, by regulations, require that any return, statement, or other document required to be filed under this section, or under regulations approved by the Secretary of Finance, shall contain or be verified by a written declaration that it is made under the penalties of Perjury, and this declaration shall be in lieu of any oath otherwise required.