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ARIVA Academy Philippines, Inc.



The Essentials of Income Tax and

Preparation of Income Tax Return


February 07, 2020


8:00 AM to 5:30 PM


Marco Polo Ortigas Manila

Meralco Avenue and Sapphire Street Ortigas Centre,

San Antonio, Pasig City, Philippines



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(02) 8877-6502 | (02) 8832-1409

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Leaning Session Description

It is the duty of almost every taxpayer to file Income Tax Return (ITR) and Financial Statements (FS).  We, however, should exercise caution in filing the ITR and FS since several deficiency tax assessment or penalties arose from just carelessly indicating therein the incorrect amount or words or from non-compliance with the required regulations.


In addition, the BIR has the authority to audit all internal revenue taxes and majority of the findings on deficiency taxes came from income tax.  The rule on Income Tax is very complicated and involves several technicalities and thus, requires extensive study and research.


Accordingly, it is imperative to know, at least, the basic laws, rules and regulations regularly used and applied by the BIR officials in the preparation of ITR and investigation of income tax so that a proper defense can be made in refuting their findings and avoid or minimize future income tax exposure.


Leaning Session Description

The specific objectives of this unique fun-filled learning experience are:

  • To know the basic principles of Income Tax Laws
  • To know the meaning, kinds, and requisites of Gross Income
  • To learn the conditions or rules on the deductibility of Business Expense
  • To know the nature, rules and effect of Minimum Corporate Income Tax (MCIT)
  • To know the nature, rules and consequences of Improperly Accumulated Earnings Tax (IAET) 
  • To know the rules in filing and preparation of ITR
  • To know the attachments in filing ITR
Leaning Session Objectives

This session is suitable to a wide range of professionals but will greatly benefit:

  • Business Owners (Single Proprietor or Stockholders)
  • Business Managers and other employees
  • Accountants (Whether employee or practitioner)
  • Others who want to know about Income Tax and latest BIR Issuances
Leaning Session Outline

Session 1: Basic concepts of Income Tax

  • Definition
  • Types of Income Tax
  • Sources of Income Tax Laws


Session 2: Types of Taxpayers

  • Individual
  • Corporation


Session 3: Income Tax

  • Gross Income
  • Allowable Deductions
  • Conditions/Limitations for deductibility of Expenses
  1. Representation Expense
  2. Interest Expense
  3. Taxes
  4. Losses
  5. Net Operating Loss Carry Over (NOLCO)
  6. Bad Debts Expense
  7. Depreciation Expense
  8. Pension Contributions
  9. Donations
  10. Research and Development Expense
  • Optional Standard Deductions


Session 4: MCIT

  • When a corporation becomes subject to MCIT
  • Computation of MCIT
  • MCIT vs RCIT
  • Corporations subject to MCIT
  • Corporations exempt to MCIT


Session 5: IAET

  • Nature
  • Corporation subject to IAET
  • Reasonable needs of Business
  • Computation of IAET


Session 6: Rules on Filing ITR

  • EFPS and eBIR Forms 
  • Classes of ITR
  • Time of Filing
  • Place of Filing
  • Penalties for Late Filing and Payment


Session 7: General Instructions in filling up ITR (1702)



Session 8: List of Attachments to the ITR

  • Enumeration of the attachments
  • Explanation of each attachment
Leaning Session Process

This session will utilize a variety of proven adult learning techniques to ensure maximum understanding, comprehension and retention of the information presented. This includes discussions, presentations and mini-exercises.

Learning Investment

Learning Investment for this 1-Day Learning Session:


Reserve your seats NOW and SAVE P2,000


(Pay on or before January 07, 2020)

Best Value Rate


P 6,998 + VAT

per Participant


(Group discount is given to 3 or more participants

from same organization.)

BFF Rate


P 7,998 + VAT

per Participant


(Minimum of 2 Participants)

Super Saver Rate

P 8,998 + VAT

per Participant

Pay on or before

January 07, 2020

Early Bird Rate

P 9,998 + VAT

per Participant

Pay on or before

January 24, 2020

Regular Rate

P 10,998 + VAT

per Participant

Starting

January 25, 2020


LEARNING INVESTMENT INCLUDES:

Enjoy a “Fun-filled” Learning experience, complete with session materials,

certificate of attendance and freebies! 

AM Snacks, Sumptuous Buffet Lunch and PM Snacks will be served!


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ARIVA Academy Philippines, Inc.


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