Section 84
SEC. 84. DECLARATION OF INCOME TAX TO INDIVIDUALS. "(a) IN GENERAL. Except as otherwise provided in this Section, every individual subject to income tax under Sections 21 and 22 (a) of this title, receiving self-employment income whether it constitutes the sole source of his income or in combination with salaries, wages, and other fixed or determinable income shall make and filed a declaration of this estimated income for current taxable year on or before April 15 of the same taxable year. In general, self-employment income consist of the earnings derived by the individual from the practice of profession or conduct of trade or business carried on by him as a sole proprietor or by a partnership of which he is a member. Non-resident Filipino citizens, with respect to income from without the Philippines, and non-resident aliens not engaged in trade or business in the Philippines, are not required to render a declaration of estimated income tax. The declaration shall contain such pertinent information as the Minister of Finance may be forms and/or regulations prescribed. An individual may make amendments of a declaration filed during the taxable year under the regulations prescribed by the Minister of finance. "(b) Return .and payment of estimated income tax by individuals. — The amount of estimated tax (as defined in paragraph (c) with respect to which a declaration is required under paragraph (a) shall be paid in four installment. The first installment shall be paid at the time of the declaration and the second and third shall be paid on August 15 and November 15 of the current year respectively. The fourth installment shall be paid on or before April 15 of the following calendar year when the final income tax return is due to be filed. "(c) definition of Estimated Tax. — In the case of an individual, the term "Estimated Tax” means the amount which the individual declared as income tax in his final and annual income tax return for the preceding taxable year, minus the sum of the credits allowed under this title, against the said tax. If, during the current taxable year, the taxpayer reasonably expect to pay a bigger income tax, he shall file an amended declaration during any interval of installment payment dates." "SEC. 85. Declaration of Corporation Quarterly Income Tax. — Every corporation shall file in duplicate a quarterly summary declaration of its gross income and deductions on a cumulative basis for the preceding quarter or quarters upon which the income tax, as provided in Title II of this Code shall be levied, collected and paid. The tax so computed shall be decreased by the .amount of tax previously paid or assessed during the preceding quarters and shall be paid not later than sixty (60) days from, the close of each of the first three (3) quarters of the taxable year, whether calendar or fiscal year." "SEC. 86. Final Adjustment Return. — Every corporation liable to tax under Section 24 shall file a final adjustment return covering the total net income for the preceding calendar or fiscal year. If the sum of the quarterly tax payments made during the said taxable year is not equal to the total tax due on the entire taxable net income or that year the corporation shall either: "(a) Pay the excess tax still due; or "(b) Be refunded the excess amount paid, as the case may be "In case the corporation is entitled to a refund of the excess estimated quarterly income taxes paid, the refundable amount shown on its final adjustment return may be credited, against the estimated quarterly income tax liabilities for the taxable quarters of the succeeding taxable year." "SEC. 87. (a) Place of Filing. — The quarterly income tax declaration required in Section 85 and the final adjustment return required in Section 86 shall be filed with the Revenue District Officer, or the Collection Agent or duly authorized treasurer of the municipality having jurisdiction over the location of the principal office of the corporation filing the return or place where its main books of accounts and other data from which the return is prepared are kept." "(b) Time of filing the income tax return. — The corporate quarterly" declaration shall be filed within sixty (60) days following the close of each of the first three quarters of the taxable year. The final adjustment return shall be filed on or before the 15th day of April or on or before the 15th day of the 4th month following the close of the fiscal year, as the case may be." "(c) Time of payment of the income tax. — The income tax due on the corporate quarterly returns and the final income tax returns computed in accordance with Sections 85 and 66 shall be paid at the tine the declaration or return is filed in a manner prescribed by the Commissioner of Internal Revenue."