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It is the duty of almost every taxpayer to file Income Tax Return (ITR) and Financial Statements (FS). We, however, should exercise caution in filing the ITR and FS since several deficiency tax assessment or penalties arose from just carelessly indicating therein the incorrect amount or words or from non-compliance with the required regulations.
In addition, the BIR has the authority to audit all internal revenue taxes and majority of the findings on deficiency taxes came from income tax. The rule on Income Tax is very complicated and involves several technicalities and thus, requires extensive study and research.
Accordingly, it is imperative to know, at least, the basic laws, rules and regulations regularly used and applied by the BIR officials in the preparation of ITR and investigation of income tax so that a proper defense can be made in refuting their findings and avoid or minimize future income tax exposure.
