37. The following are the requirement for substituted filing of income tax return, except

a. His income was purely compensation income.

b. Income tax withheld by the employer is correct.

c. He had consecutively filed his income tax return for the past five years.

d. He had one employer only.

38. Statement 1: If an employee had multiple employers within the year, an income tax return must be filed at the end of the year.

Statement 2: If an employee had three employers, on succession, for each of the past three years, substituted filing of tax return is not allowed.

a.Statement 1 is false but statement 2 is true

b.Statement 1 is true but statement 2 is false

c.Statements 1& 2 are false

d.Statements 1 and 2 are true

39. Who of the following individual taxpayers may avail of substituted fling of Income Tax Return (ITR)?

Rianne:

Deriving compensation income from ABC Company, his only employer for the taxable year.

The correct amount of tax was withheld by ABC Company.

He also derived interest income from his peso Bank deposit in BPI and the sale of his shares in DEF Corporation (a closely-held domestic corporation) to Brian resulted to a gain of P100,000.

Leomar:

Deriving purely compensation income from XYZ Corporation, his only employer for the taxable year.

The correct amount of tax was withheld by XYZ

Leomar's spouse is engaged in business

RianneLeomar

a.YesYes

b.NoYes

c.NoNo

d.YesNo

40. Statement 1: Taxable income from self-employment (business and profession) is reported on a quarterly and annual basis.

2nd statement: The quarterly income tax return shall be filed and the tax paid as follows: 1^stQ - not later than April 15, 2^ndQ - not later than August 15, 3^rdQ - not later than September 15.

a.Statement 1 is false but statement 2 is true

b.Statement 1 is true but statement 2 is false

c.Statements 1 and 2 are true

d.Statements 1 & 2 are false

41. Pedro's income tax due for the year amounted to P80,000. He may elect to pay the tax due on installment as follows:

a.2^ndinstallment is payable on or before October 15 following the close of the calendar year.

b.In two equal installments

c.All of the above

d.1^stinstallment is payable upon filing the annual income tax return.

42. 1^ststatement: If any installment payment of income tax is not paid on or before the date fixed for its payment, the whole amount of the unpaid tax becomes due and payable, together with the delinquency penalties to be reckoned from on the original date when the tax is required to be paid.

2^ndstatement: Installment payment of income is not allowed to self-employed and/or professional who are availing the 8% income tax rate

a.Statements 1 and 2 are true

b.Statement 1 is true but statement 2 is false

c.Statement 1 is false but statement 2 is true

d.Statements 1& 2 are false