Explain Train Law Sec. 21 // explanation for reporting

3:09 SEC. 17. Section 57 of the NIRC, as amended, is hereby further amended to read as follows: 11 of 54 "SEC. 57. Withholding of Tax at Source. - "(A) XXX "(B) Withholding of Creditable Taxat Source. - The Secretary of Finance may, upon the recommendation of the Commissioner, require the withholding of a tax on the items of income payable to natural or juridical persons, residing in the Philippines, by payor-corporation/persons as provided for by law, at the rate of not less than 21 taxable year on or before May 15 of the same taxable year. xxx "(B) Return and Payment of Estimated Income Tax by Individuals. - The amount of estimated income as defined in Subsection (C) with respect to which a declaration is required under Subsection (A) shall be paid in four (4) installments. The first installment shall be paid at the time of declaration and the second and third shall be paid on August 15 and November 15 of the current year, respectively. The fourth installment shall be paid on or before May 15 of the following calendar year when the final adjusted income tax return is due to be filed. SEC. 21. Section 79 of the NIRC, as amended, is hereby further amended to read as follows: "SEC. 79. Income Tax Collected at Source. - "XXX "(C) Refunds or Credits. - "(1) Employer. - XXX "(2) Employees. - XXX "XXX "(D) Withholding on Basis of Average Wages. - XXX "(1) XXX "(2) x x x; and "(3) XXX. decedent's interest therein is included in the value of the gross estate. A bir.gov.phSEC. 19. Bection 62 of the NIRC, as amended, is hereby repealed. SEC. 20. Section 74 of the NIRC, as amended, is herehy ther amended to read as follows: \"SEC. 74. Declaration of Income Tax for Individuals. \"(A)In General. Except as otherwise provided in this Section, every individual subjeet to income tax under Sections 24 and 25(A) of this Title, who is receiving self-employment income, whether it constitutes the sole source of his income or in combination with salaries, wages and other fixed or determinable income, shall make and file a declaration of his estimated income for the current rthma:madtomdaa:ow: SEC. 22 \"SEC. 84. Rate of Estate Tax. There shall be levied, assessed, collected and paid upon the transfer of the net estate as determined in accordance with Sections 85 and 86 of every decedent, whether resident or nonresident of the Philippines, a tax at the rate of six percent (6%) based on the value of such net estate.\" 8EC. 23. Section 86 of the NIRC, as amended, is herehy further amended to read as follows: \"SEC. B6. Compulation of Net Estate. For the purpose of the tax imposed in this Chapter, the value of the net estate shall be determined: (A) Deductions Allowed to the Estate of a Citizen or a Resident. In the case of a citizen or resident of the Philippines, by deducting from the value of the gross estate '(1) Standard Deduction. An amount equivalent to Five million pesos (P5,000,000). \"(2) For claims against the estate: Provided, That at the time the indebtedness was incurred the debt instrument was duly notarized and, if the loan was contracted within three (3) years before the death of the decedent, the administrator or executor shall submit a statement showing the disposition of the proceeds of the loan. (3 For claims of the deceased against insolvent persons where the value of 48 amended, is hereby \"One hundred & bir.gov.ph percent (100%) of the value, if the nrior decadent diad within one (1) year prior to