With the April 17 deadline for the filing of annual income tax returns, a senior lawmaker has reminded taxpayers of provisions of the Tax Reform for Acceleration and Inclusion (Train) Law they may be unaware of beyond the basic income tax table.
WITH the April 17 deadline for the filing of annual income tax returns, a senior lawmaker has reminded taxpayers of provisions of the Tax Reform for Acceleration and Inclusion Law they may be unaware of beyond the basic income tax table.
“If your only source of income is compensation income or salary and you have a certificate of final withholding tax, you need not file an income tax return because that withholding tax certificate is your document proof of what is called substituted filing, which means your employer filed your ITR for you do not have to file an ITR anymore,” the Bagong Henerasyon Party-list Representative explained. “But just make sure your employer is updated on remitting to the BIR those taxes withheld.
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