Answered step by step
Verified Expert Solution
Question
1 Approved Answer
AnabelRama Corporation filed its final adjustment income tax return for calendar year 2018 with a net taxable income of P325,520. However, upon investigation, it was
AnabelRama Corporation filed its final adjustment income tax return for calendar year 2018 with a net taxable income of P325,520. However, upon investigation, it was disclosed that its income tax return was false or fraudulent because it did not report a taxable income amounting to P200,000. The BIR informed AnabelRama Corporation through preliminary assessment notice but it failed to protest in time; hence, a formal letter of demand and assessment notice was issued on July 1, 2020 calling for payment of the deficiency income tax on or before July 31, 2020. a. Income tax due per investigation. ___________________ b. Deficiency tax. ___________________ c. Deficiency surcharge. ___________________ d. Deficiency interest. ___________________ e. If the deficiency income tax was paid on August 31, 2020, what's the surcharge for late payment? ___________________ f. What's the interst incurred because of the late payment
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started