Question
Man Lo Loko filed his income tax return for 2016 with a net taxable income of P1, 000, 000. Subject to 32% , his income
Man Lo Loko filed his income tax return for 2016 with a net taxable income of P1, 000, 000. Subject to 32% , his income tax amounted to P285, 000, However upon investigation, it was found out that he did not report additional taxable income of P500, 000. The correct income tax due should have been P445, 000. The notice from the BIR became final. How much is the surcharge?
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The surcharge to be paid is P250000 A surcharge is a onetime penalty that applies to e...
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South Western Federal Taxation 2015
Authors: William H. Hoffman, William A. Raabe, David M. Maloney, James C. Young
38th Edition
978-1305310810, 1305310810, 978-1285439631
