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Registration
Income Tax and ITR Preparation
ATTY. NELSON GARGOLES

Part 1: Basic concepts of Income Tax
• Definition
• Types of Income Tax
• Sources of Income Tax Laws
Types of Taxpayers
• Individual
• Corporation
Income Tax
• Gross Income
• Allowable Deductions
Conditions/Limitations for deductibility of Expenses
• Representation Expense
• Interest Expense
• Taxes
• Losses
• Net Operating Loss Carry Over (NOLCO)
• Bad Debts Expense
• Depreciation Expense
• Pension Contributions
• Donations
• Research and Development Expense

  • ATTY. NELSON GARGOLES (GARGOLES LAW OFFICE)

    ATTY. NELSON GARGOLES

    GARGOLES LAW OFFICE
Lunch Break
Income Tax and ITR Preparation
ATTY. NELSON GARGOLES

Part 2: MCIT
• When a corporation becomes subject to MCIT
• Computation of MCIT
• MCIT vs RCIT
• Corporations subject to MCIT
• Corporations exempt to MCIT
IAET
• Nature
• Corporation subject to IAET
• Reasonable needs of Business
• Computation of IAET
Rules on Filing ITR
• EFPS and eBIR Forms
• Classes of ITR
• Time of Filing
• Place of Filing
• Penalties for Late Filing and Payment
General Instructions in filling up ITR (1702)

List of Attachments to the ITR
• Enumeration of the attachments
• Explanation of each attachment

  • ATTY. NELSON GARGOLES (GARGOLES LAW OFFICE)

    ATTY. NELSON GARGOLES

    GARGOLES LAW OFFICE