2006 - tax101 - phil tax system & income tax

7/24/2019 2006 - TAX101 - Phil Tax System & Income Tax

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Colegio de San Juan de LetranIntramuros, Manila

College of Business Administration and AccountancyACCOUNTANCY A !A

Sc"ool Year #$$%$$'

I. Course Number : Taxation 1

II. Course Title : Phil. Tax System & Income Tax/Income Taxation

III. Credit : 3 units

IV. Pre !e"uisite : #ccountin$ %

V. Course escri'tion ( The course is an in de'th study o( Phili''ine tax system and income taxation. It 'ro)ides a solid (oundation on the areas o( tax that areli*ely to be encountered durin$ the initial sta$e o( a CP#+s 'ro(essional tax 'ractice. It co)ers the o)er)ie, o( the national tax system- and the income taxation o( em'loyees- unincor'orated- and incor'orated businesses. #lso- 'ro)ides the students ,ith *no,led$e o( the ca'ital $ainstax (inal tax on certain 'assi)e income and the year end tax- includin$ the minimum cor'orate tax- the normal tax and the im'ro'erly accumulated

'ro(its tax o( cor'orations. Tax (orms are 'ro)ided (or s'eci(ic to'ics discussed.

VI. Course !ationale : There is a need (or the State to raise re)enues to carry out its $o)ernmental (unctions ob ecti)ely. #mon$ its )arious sources o( re)enues- taxesconstitute the $reater bul*. 0or students to understand the im'lications o( a sound tax system- a basic *no,led$e o( the Phili''ine income taxation isindis'ensable.

VII. Course b ecti)es :

#. 2eneral b ecti)e: #t the end o( the course- the students are ex'ected to ha)e an ade"uate *no,led$e o( the basic 'rinci'les o( taxation and its role in business and in theState.

. S'eci(ic b ecti)es:

Co$niti)e : 4stablish an extensi)e *no,led$e o( the nature and conce'ts o( income taxation as ,ell as its rele)ance in business and in the State.

#((ecti)e : #''ro'riately ex'lain the $o)ernment5s inherent 'o,er to im'ose taxes and en(orce collection thereo(.

Correctly demonstrate resolution o( tax 'roblems o( indi)iduals and cor'orate tax'ayers leadin$ to the 're'aration and (ilin$ o( tax returns.

Psychomotor : 4xecute s*ills in resol)in$ income tax 'roblems o( indi)iduals and cor'oration and to 're'are income tax returns accordin$ly.


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S)!CI*ICOBJ!CTI+!S

SUBJ!CT MATT! +ALU!SINT! AT!-

ST AT! I!S.T!AC/IN

M!T/O-OLO Y

INST UCTIONALMAT! IALS

!+ALUATION TIM!* AM!

!0)!CT!-OUT)UT

4x'lain the(undamentalconce't o( taxation

and the related 'ro)ision o( NI!C.

escribe theor$ani6ationalstructure o( the I! and their duties &(unction.

Identi(y the basicconce'ts o( IncomeTaxation-its rele)ance inthe state and in the

1. Princi'les o( taxation in$eneral

1.1 e(inition- nature and

sco'e o( taxation1.% Taxation distin$uished

(rom eminent domain and 'olice 'o,er

1.3 7imitation o( the 'o,ero( taxation

1.8 asic 'rinci'les o( asound tax system

1.9 e(inition- nature-classi(ication andessential characteristics o( taxes

1. Taxes distin$uished (rom

other char$es and (ees

%. r$ani6ation and (unctiono( the ureau o( Internal!e)enue

3. Income Taxation3.1 e(inition- nature and

sco'e o( income3.% Income distin$uished

(rom re)enue ca'ital

#''reciation o(sub ect matter.

#''reciation o(the or$ani6ationalstructure o( the

I!.

0aith(ulcom'liance/adherence to the

'ro)ision o( the NI!C.

7ecture discussion7ecture demonstration;uestion and ans,er

teachin$4xercises- "ui66es an &examination

7ecture discussion

7ecture discussion7ecture demonstration;uestion and ans,erteachin$4xercises- "ui66es and

oo*sI! Circulars/


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business.

COMMUNITY

SERVICE

INTEGRATION

Identify theregistration

requirements for small scalebusiness with

government entitiesand how theadapted communityapplies..

iscuss thecom'osition o(

$ross income o(indi)idual andcor'oration.

istin$uish ,hatincome are sub ect

3.3 Classi(ication o(tax'ayers

3.8 Tax on indi)idual3.8.1 Classi(ication o(

indi)idual tax'ayers3.9 Tax on Cor'orations

3.9.1.Classi(ication o(cor'oration based on the

CT!P3.9.% Tax on di((erentcor'orations sub ect toincome tax3.9.3 4xem'tcor'orations3.9.8 4states an trusts

Registration of small scalebusinesses with relevant

government offices.

MI-&T! M!0AMINATION

8. 2ross income o( indi)idualand cor'oration.

8.1 Items incl. In the $rossincome o( indi)idual andcor'oration

8.% Income sub ect to (inaltax ? Passi)e Income

@onesty andcorrectness o( taxdue.

Timely (ilin$ o(returns.

Sense ofresponsibility in

compliance withregistrationrequirements.

#''reciation o(the sub ect matter.


'ro)ision o( the

examination


teachin$4xercises- "ui66es andexamination

Provide checklist toconcerned residents of

community. Discussion of the flowof registration.

7ecture discussion7ecture demonstration

;uestion and ans,erteachin$4xercises- "ui66es andexamination

oo*sI! Circulars/


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to tax (rom thosethat are exem'ted(rom tax.

Identi(y theexclusions &deductions (rom$ross income o(indi)iduals &cor'orations .

8.3 Income exem't (romIncome tax

8.8 Sale or exchan$e o( 'ro'erty

8.8.1 rdinary sale orexchan$e o( 'ro'ertysub ect to income tax8.8.%Sale o( exchan$e o(

'ro'erty sub ect to ca'ital$ains and losses8.8.3Sale o( exchan$e o(real 'ro'erty sub ect toca'ital $ains tax8.8.8Sale o( exchan$e o(shares o( stoc*s

8.9 i)idend Income8. 7ease and leasehold

im'ro)ements8.B Share in the income o( a

$eneral 'ro(essional 'artnershi'- estate and

trust8.> Income (rom ,hate)ersource

9. 4xclusions & deductions(rom $ross income o(indi)idual and cor'oration

9.1 #llo,ed 'ersonalexem'tions (or indi)idualtax'ayers

9.% Items in the $ross incomeexem't (rom income and(inal tax

9.3 #llo,ed deductibleex'enses and losses (or$ross business incomeand their limitations

9.8 'tional standard

NI!C.

#''reciation o(the allo,abledeductions (rom$ross income.

@onesty indetermination o(allo,abledeductions.

7ecture discussion7ecture demonstration;uestion and ans,erteachin$4xercises- "ui66es andexamination

oo*sI! Circulars/


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etermine thetaxable income.

Identi(y thedi((erentadministrati)e

'ro)isions.

Identi(y thedi((erent or )ariousaccountin$methods.

deduction9.9 Non deductible ex'enses

and losses

. etermination o( theTaxable Income- IncomeTax Payable and Incometax credit

.1 Taxable income.% Income tax 'ayableusin$ the tax table and the

a''licable tax ratesD.3 Tax credits

.3.1 Tax ,/held on ,a$es

.3.% Tax ,/held at source

.3.3 0orei$n tax credit &its limitation

B. #dministrati)e 'ro)isionsB.1 0ilin$ & 'ayment o( the

income tax return

>. #ccountin$ method>.1 Cash>.% #ccrual>.3 Installment methods o(

re'ortin$ income>.8 Net ,orth method

#ccuracy in thecom'utation o(net income sub ectto tax.

0aith(ul adherenceto the 'ro)isionso( NI!C.


'ro)ision o( the NI!C.

e)elo' a correctattitude to,ards

the $o)ernment 'o,er to im'osedtaxes andtax'ayers+obli$ation to 'ay

7ecture discussion7ecture demonstration;uestion and ans,erteachin$

4xercises- "ui66es andexamination


teachin$4xercises- "ui66es andexamination

7ecture discussion7ecture demonstration;uestion and ans,erteachin$4xercises- "ui66es andexamination

oo*sI! Circulars/


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COMMUNITY

SERVICE

INTEGRATION

%&pound therelevant concepts

of income ta&ationas applied tocommunitymembers.

Preparation of 'nnual Income$a& Returns for the residents of

the community.

*INAL !0AMINATION

them.

Sense ofresponsibility and

honesty as a good ta&payer.

'ctual illustration inthe preparation of

income ta& returns.

Income $a& Forms for Individuals

Review of pro( forma income ta&

returns.

%&poundedthe relevantconcepts of

incometa&ation asapplied tocommunitymembers.

VIII 2radin$ System:

MI-T! MS *INALS

C7#SS ST#N IN2 %9E C7#SS ST#N IN2 %9E;FIGG4S %9E ;FIGG4S %9E


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H. Textboo*/!e(erences:

allada- et. al.- Income Taxation- % 9 4dition

!eyes- Vir$ilio .- Income Tax- 7a, and #ccountin$- % 9 4dition

e 7eon- @ector- et. al. Internal !e)enue Code- as amended- % 9 4dition

Valencia- 4d,in- et. al.- Income Taxation- Princi'les and 7a,s- % 9 4dition.

7iton ua- Vir$ilio- Phili''ine 7a,s on Indi)idual Income Taxation- % 9 4dition

2006 - tax101 - phil tax system & income tax

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