The Essentials of Annual Income Tax 2021


APRIL 2021 fast approaching! April is also one of the busiest months and, you probably know the reason why.


Everyone’s scrambling and some of you will be asking how to prepare, file and pay for their Annual Income Tax.  With this webinar, we can help you understand the concept and procedures in filing the proper Income Tax Return (ITR) in order to be compliant and avoid future tax problems. 


The Income Tax Return (ITR) that most people refer to is actually the annual tax form that an individual files every April 15th of the following year. This form summarizes all of the income (or loss) you have incurred for the past year. With the new Tax Reform Laws (TRAIN), there are now 3 types of forms available for you to file you annual ITR. 


Learn helpful Personal and Corporate Taxation law in terms of income tax preparation, allowable deductions, and solving common issues.


We make sure that our tax webinars has the most up-to-date materials so that you will learn the most useful and relevant principles of taxation possible.




The Essentials of Annual Income Tax

Preparation of Income Tax Return, Usual Income Tax Findings and Tax Saving Tips




Atty. Nelson S. Gargoles, CPA

Business Coach & Tax Consultant

Partner Speaker, ARIVA Speakers Bureau


Wednesday, March 03, 2021

PART 1: 10:00 AM – 12:00 NN PHT

PART 2: 2:00 PM – 5:00 PM PHT


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

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Webinar Description:


The Income Tax Return (ITR) that most people refer to is actually the annual tax form that an individual files every April 15th of the following year. 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.


This webinar aims to enlighten the participants on the concept and procedures in filing the proper Income Tax Return (ITR) in order to be compliant and avoid future tax problems. This online session is designed to guide the preparers and reviewers of corporate ITRs [e.g., accountants, finance managers, certified public accountants (CPA), auditors.


Webinar Objectives:


The specific objectives of this unique fun-filled e-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

Who Should Attend:


This online 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

Webinar 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


Claiming eCertificates


An eCertificate of Attendance will be awarded to participants who successfully completed the entire Virtual MasterClass.


Survey Online Questionnaire will be emailed after the e-Learning Event for participants to give feedback.


An eCertificate of Achievement will be emailed to the registered email address of the participants upon completion of the online Feedback Form.


Please ensure email address provided during registration is accurate or eCertificates may not be received.


Online Certificates will be available 3-5 days after the e-Learning Event.


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