Payment of Tax on Installment.
Section 5
SEC. 5. Payment of Tax on Installment. — The tax due as disclosed by the taxpayer in his return must be paid at the time of the filing thereof. If the total tax due exceeds P50,000, the same shall be paid in accordance with the following schedule: If the amount due exceeds P50,000 but does not exceed P100,000, the tax may be paid in two equal installments, the first installment to be paid upon the filing of the return and the second installment, on or before January 31, 1982; If the amount due exceeds P100,000, the tax may be paid in three equal installments as follows: i) The first installment shall be paid upon the filing of the return; ii) The second installment shall be paid on or before January 31, 1982; and iii) The third installment shall be paid on or before March 31, 1982. In meritorious cases where the total amount due exceeds P300,000.00, the Commissioner of Internal Revenue of the Revenue Regional Director may, upon proper application, allow the taxpayer to pay the P300,000.00 in accordance with the immediately preceding schedule and the amount in excess thereof in equal monthly installments beginning June 30, 1982, up to but not later than September 30, 1982. If any installment payment is not paid on the due date of said installment, the whole unpaid amount will become due and demandable and shall be subject to interest and penalties imposed under the Tax Code. The corresponding letter of demand and assessment notice shall immediately be issued for the collection of the amount due and increments thereon.