TOPICS Income Tax

TOPICS – INCOME TAXATION
1. TAXATION
Definition
Purpose
Aspects
2. Inherent Powers of the State

Similarities/distinctions among the 3 State powers
3. Theory & Basis of Taxation

Scope of the Power of Taxation
4. Essential elements of a Tax

Nature/Characteristics of the Power of Taxation
5. Classification of Taxes
Elements of a sound Tax system
Situs of Taxation
6. Inherent & constitutional Limitations on the state’s Power to Tax

Tax distinguished from other terms
7. Double Taxation
Means of Avoiding /Minimizing the burden of Taxation
Exemption from Taxation
Sources of Tax Laws
Internal Revenue laws
Construction of Tax laws
Taxpayer’s suit
8. INCOME TAX FOR INDIVIDUALS
Definition – Individual Taxpayer
Classification of Individual Taxpayers
With Illustrative problems
9. Individual Taxpayers
Applicable Taxes & Tax Rates
Sources of Income
Types/Categories of Income
With Illustrative Problems
10. Capital Gains Tax

11. Passive Income

Final withholding Tax
Creditable withholding Tax
12. Taxable Income, Tax Rates & Tax due

- Purely Compensation Income
- With Illustrative problems
13. Taxable Income & Tax Due

- Purely Self Employed & professionals (SEP)
- 8% Income Tax Rate
14. Taxable Income & Tax Due

- Mixed Income Earners
15. Quarterly Income Tax Returns

Income Tax Due for Married Individuals
Income Tax for Minimum Wage Earners
16. Preparation and filing of Income Tax Returns for INDIVIDUAL taxpayers
With Illustrative problems
17. Computation of Taxable Income & Tax Due for
- Non Resident Citizen
- Non Resident Alien Not engaged in Trade or Business
- Non Resident Alien Engaged in Trade or Business
- With Illustrative Problems
18. Taxation of Income Received by Social Media Influencers
19. Taxation of Corporations

Classification of Income Taxpayers Other Than Individuals
Definition of Corporation for Taxation Purposes
Tax Exempt Corporations
Classification of Corporations
20. Types of Income for Corporations

Applicable Tax Rates & Tax Due
Illustrative problems
21. Computation of Regular corporate Income Tax TRAIN vs CREATE

Domestic Corporation
Resident foreign Corporation
Non Resident foreign Corporation
GOCC
22. Minimum Corporate Income Tax TRAIN vs CREATE

Illustrative Problems
23. Quarterly and Annual Corporate Tax Due

24. PASSIVE INCOME for Corporations TRAIN vs.CREATE

Filing of Returns
25. Capital Gains Tax for Corporations TRAIN vs CREATE

Filing of Returns
26. Special Corporations
Computation of Income Tax due under TRAIN AND CREATE
- Non profit Proprietary Educational Institutions
- Non Profit Hospitals
- Illustrative problems
Computation of Income Tax due under TRAIN AND CREATE for
Resident Foreign Corporations
- International Carriers
- ROHQ
- RHQ
- Offshore banking Units
-
Computation of Income Tax due under TRAIN AND CREATE for
Non Resident Foreign Corporations
- Owner or lessor of vessel
- Cinematographic film owner/lessor/distributor
- Lessor of aircraft machinery & other equipment
29. Improperly Accumulated Earnings Tax under

TRAIN
CREATE
30. Preparation & filing of corporate Income Tax

31. Income Tax on Partnerships
32. Taxation of Co-Ownership & Estates
33. Taxation of Trusts

Preparation of ITR
34. GROSS INCOME

Definition,
Compensation Income
Gross Income for Business
35. Gross Income
- Gains derived from dealings in property
- Interest Income
- Rental Income
- Royalties
- Dividends
-
36. Gross Income
- Annuity
- Prizes & winnings
- Pensions
- Partners’ Share in NI of GPP
- Income from Whatever Source
37. Exclusions from Gross Income

- Nature of Exemption
- Grounds for granting tax exemptions
- Tax exemption, tax amnesty, tax condonation
- Illustrative examples
38. Items of Income or proceeds excluded from Gross Income

- Life Insurance
- Amount Received by the Insured as a Return of Premium
- Gifts, bequests & Devises
- Compensation for Injuries or Sickness
- Income Exempt under Treaty

- Retirement benefits under RR 2-98
- Separation Pay
- Social Security benefits
- Benefits received under US Veterans Administration
- SSS benefits
- GSIS benefits

- Miscellaneous Items – a to h
- Retirement Benefits under Bayanihan Act I
- Tax Exempt Proceeds under Bayanihan Act II
41. Deductions from Gross Income
- Nature
- Exclusions vs Deductions
- Capital Expenditure vs Revenue Expenditure
- Deduction vs Tax Credit
Illustrative Examples
42. Deductions from Gross Income under

- Section 34(B & C)

- Section 34(D)
- NOLCO

- Section 34 (E, F, G)
-
- Section 34 (H, I, J)
- Other allowable Deductions under Special Laws
-
46. Optional Standard Deduction
47. Foreign Tax Credit

48. Fringe benefit Tax & Fringe benefit Tax

Definition & Nature
Tax Exempt Fringe benefits ( Except de Minimis benefits)
49. De Minimis Benefits

50. Items of Fringe benefits subject to Fringe benefit Tax

Computation of Fringe benefit Tax
51. Computation of Fringe benefit Tax for
Housing Benefits
52. Computation of Fringe benefit Tax for

Motor Vehicles
53. Civil Penalties

- Surcharge
54. Civil penalties

- Interest
55. Criminal Penalties

- Compromise penalties
- Tax amnesty
56. Tax Remedies

- Assessment & Collection
- Compromise, abate, Refund, Credit Taxes
57. Remedies of the Government for the Collection of Delinquent Taxes

58. Remedies of the Taxpayer

59. Role of Accounting in Taxation

Methods of Accounting for Taxpayers
- Cash basis
- Accrual basis
- Hybrid Method
- Crop year
- Percentage of Completion
- Illustrative Problems
-
60. Methods of Accounting for Taxpayers
- Deferred payment basis
- Installment basis
- Leasehold Improvements
Accounting periods
61. Compliance Requirements

- Keeping of Books of Accounts
- Preservation of Books of Accounts
-
62. Primary Registration Requirement
Registration Updates
Registration of persons conducting business through electronic media
63. Issuance & printing of receipts, sales invoices or commercial invoice

-
-
-
Applicable Taxes and Tax Rates

TOPICS Income Tax

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TOPICS – INCOME TAXATION

2. Inherent Powers of the State

3. Theory & Basis of Taxation

4. Essential elements of a Tax

6. Inherent & constitutional Limitations on the state’s Power to Tax

10. Capital Gains Tax

11. Passive Income

12. Taxable Income, Tax Rates & Tax due

13. Taxable Income & Tax Due

14. Taxable Income & Tax Due

15. Quarterly Income Tax Returns

18. Taxation of Income Received by Social Media Influencers

19. Taxation of Corporations

20. Types of Income for Corporations

21. Computation of Regular corporate Income Tax TRAIN vs CREATE

22. Minimum Corporate Income Tax TRAIN vs CREATE

23. Quarterly and Annual Corporate Tax Due

24. PASSIVE INCOME for Corporations TRAIN vs.CREATE

25. Capital Gains Tax for Corporations TRAIN vs CREATE

29. Improperly Accumulated Earnings Tax under

30. Preparation & filing of corporate Income Tax

31. Income Tax on Partnerships

32. Taxation of Co-Ownership & Estates

33. Taxation of Trusts

34. GROSS INCOME

37. Exclusions from Gross Income

38. Items of Income or proceeds excluded from Gross Income

39. Items of Income or proceeds excluded from Gross Income

40. Items of Income or proceeds excluded from Gross Income

42. Deductions from Gross Income under

43. Deductions from Gross Income under

44. Deductions from Gross Income under

47. Foreign Tax Credit

48. Fringe benefit Tax & Fringe benefit Tax

49. De Minimis Benefits

50. Items of Fringe benefits subject to Fringe benefit Tax

52. Computation of Fringe benefit Tax for

53. Civil Penalties

54. Civil penalties

55. Criminal Penalties

56. Tax Remedies

57. Remedies of the Government for the Collection of Delinquent Taxes

58. Remedies of the Taxpayer

59. Role of Accounting in Taxation

61. Compliance Requirements

63. Issuance & printing of receipts, sales invoices or commercial invoice

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