Summary
RMC No. 50-2013 clarifies the treatment of “Tentative Annual Income Tax Returns” filed by certain taxpayers.
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Key points
- Tentative return as final. A “Tentative Tax Return” is considered a final return unless the taxpayer files a final amended return.
- Bar on amendments. Once an electronic Letter of Authority or any other notice of audit is received, the taxpayer can no longer amend the tentative return.
- Subject to examination. Returns marked “Tentative” may also be examined under Section 6(A) of the Tax Code, as amended.
Who is affected
- Taxpayers filing tentative annual income tax returns
Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.
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