Business Taxation - CREATE Law

VAT Corporation, represented by its Bookkeeper who just graduated BSBA, came to you for help in ling the corporate annual income tax return for the taxable year ending December 31, 2020; saying, she failed to file their three quarterly returns in 2020. That was April 15, 2021, the deadline of ling Annual income Tax Returns (AITR) for taxable year 2020. In relation to CREATE ACT you just downloaded, you know the Memorandum Circular that you can le your AITR online until 11l59pm; and to amend not later than May 15, 2021, whereby, ifthere is an increase in tax liability, no penalty would be imposed! In accepting the lob, you said that there is a Ph1,000 penalty for late ling of any return; and you were provided with the following: Sales Cost of Sales Expenses First quarter 10,000,000 4,000,000 3,500,000 - Second quarter 12,000,000 4,300,000 4,200,000 Third quarter 15,600,000 6,240,000 5,460,000 Fourth quarter 21,340,000 8,736,000 7,644,000 Net Worth . ' 150,000,000 Land - . ' 100,000,000 Total liabilities 45,000,000 . You filed that day, April 15,2021 the AITR using the above information, computing only the rst two quarters thinking of the quarterly returns you need to le before amending the AITR On April 20, you led the three quarterly income tax returns applying 20% [CREATE ACT ) for the third quarter. On May 15, 2021, you amended the AITR inciuding the Annual Depreciation of Ph5,000,000. Required: 1) What is the amount of tax paid on April 15', 2021? 2) What is the amount of tax paid in each of the three quarters on April 20, 2021? 3) Compute the tax still due and payable on May 15, 2021. 4) Prepare all the returns using the eBlRForms