Taxation 1 BSA syllabus PDF

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Republic of the Philippines CATANDUANES STATE UNIVERSITY Virac, Catanduanes

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OUTCOMES-BASED EDUCATION (OBE) COURSE SYLLABUS IN AEC 7 /INCOME TAXATION Date: June 15, 2020

I. II.

School Year/Semester University

1st Semester, SY 2020 - 2021 Vision: Mission Goal Core Values Institutional Outcomes:

A green university globally engaged in island research and innovations for societal advancement. Foster excellence, holistic, outcomes-based education compliant with the requirements of diverse world market and contribute to the development of productive and value-laden lives. Uphold the tradition of excellence in instruction, research, extension and production functions in an ecofriendly environment. Respect, Integrity, Social Responsibility, Excellence, Commitment A. A Professional who is morally upright, socially responsible and globally employable B. A Leader and Innovator who inspires others and is committed to social transformation and national development C. An Environmental Advocate committed to research, extension and production initiatives

III. IV. V.

College/Campus Program/Degree Program Outcomes

College of Business and Accountancy Bachelor of Science in Accountancy (BSA2B) A. Resolve business issues and problems, with a global and strategic perspective using knowledge and technical proficiency in the areas of financial accounting and reporting, cost accounting and management, accounting and control, taxation and accounting information system with integrity, objectivity and competence; B. Effectively communicate orally and in writing both English and Filipino using the basic concepts that underlie each of the functional areas of business (marketing, finance, human resources management, production and operations management, information technology and strategic management) and employ these concepts in various business situations; C. Critically, analytically and creatively solve problems after determining the proper decision making tools; D. Demonstrate professional skills, ethical practices and social responsibility essential to diverse work environment; E. Apply information and communication technology (ICT) skills in generating business reports and in making decisions; F. Apply knowledge and skills that successfully respond to various types of assessments (including professional licensure and certifications);

CSU-F-ACAD-07

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Effectivity Date: June 1, 2015

Republic of the Philippines CATANDUANES STATE UNIVERSITY Virac, Catanduanes

VI. Course Code/Title VII. Course Description

VIII. IX. X. XI.

Course Credit Prerequisite Contact Hours Course Outcomes

G. Participate in generation of new knowledge in research and development projects; O H. Support local, regional and national development plans along with education, environment, socio-economic, health, O gender and development and science and technology;. I. Preserve, promote Filipino historical and cultural heritage. O L – Learning P – Practiced O - Opportunity AEC7/Income Taxation This introductory taxation course is primarily concerned with income taxation. The objective is to develop a working knowledge of the basic principles and rules of the income tax system as these apply to individuals, partnerships, estates, trusts and corporations. It covers an overview of the national tax system, and the income taxation of employees and incorporated businesses. It provides the students with knowledge of the capital gains tax, final tax on certain passive income and the year-end tax, including the minimum corporate income tax, the normal income tax and the improperly accumulated profits tax of corporations and withholding taxes. Tax forms are also provided for specific topics discussed. 3 units (Lecture) Accounting 1 & Accounting 3 3 contact hours per week (54 hours a semester) At the end of the course, the students shall be able to: COs Description A B C D E F G H I Discuss the nature, scope, characteristics, principles and limitations of a CO1 3 3 3 3 3 3 1 1 sound tax system. CO2 Discuss the remedies of taxpayers and government. 3 3 3 3 3 3 1 1 Enumerate the classifications of individual taxpayers, corporation, CO3 3 3 3 3 3 3 1 1 partnership and estate and trust. CO4 Discuss and solve problems on individual income taxation. 3 3 3 3 3 3 1 1 CO5

Discuss and solve problems on corporate income taxation.

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Discuss and solve problems on income taxes of estates and trusts. Identify the NIRC list of items of gross income subject to regular tax and passive income subject to final tax and state their measurement rules. Identify the items of income subject to fringe benefits tax and their measurement rules. Identify the allowable deductions and discuss the rules of itemized and optional deduction under the NIRC. State and solve problems on the rules and computational procedures for each item of deductions from gross income.

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CO7 CO8 CO9 CO10 CSU-F-ACAD-07

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Effectivity Date: June 1, 2015

Republic of the Philippines CATANDUANES STATE UNIVERSITY Virac, Catanduanes

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CO11

Discuss the concept and types of accounting period. Discuss the concept of accounting procedures or types of accounting CO12 methods. Compute and prepare the income tax returns and state their deadline of CO13 payment and place of filing for regular income taxes and withholding taxes. Identify the administrative requirements and attachments and other CO14 requirements to be complied by the taxpayer. 1 – CO has minor contribution to PO 2 – CO has moderate contribution to the PO

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XII. Course Outline/Learning Plan

POs

A B D C D E F G H

COs

Desired Learning Outcomes At the end of the chapter, the student shall be able to:

CO1 Discuss the fundamental powers of the state, its similarities and differences. Explain the scope, theory and nature of taxation. Discuss the limitations of taxation. Classify and differentiate taxes vs. other charges. CSU-F-ACAD-07

Course Content/ Subject Matter A. Fundamental Powers of the State, Principle of Taxation, Powers and Authority of the Commissioner of Internal Revenue, and Tax Laws 1. Fundamental powers of the state a. Definition b. Similarities and differences among the three powers 2. Principles of taxation a. Natures, scope, classification and essential characteristics b. Basic principles of a sound tax system c. Limitations on the power of taxation

Textbooks/ References

TABAG, E.D., GARCIA, E.J.(2019) INCOME TAXATION. Manila:EDT Book Shop

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Teaching and Learning Activities (TLAs)

Assessment Tasks

Flexible learning

Assignments Quiz

Instructional Resources/ Materials

Module/ Textbook/ References

Time Table (Hours)

4.5 hours

Effectivity Date: June 1, 2015

Republic of the Philippines CATANDUANES STATE UNIVERSITY Virac, Catanduanes

Enumerate the different tax laws in the Philippines. 3. Explain how tax is administered in the Philippines. Differentiate tax evasion from tax avoidance. State the powers and authority of the Commissioner of Internal Revenue.

A B D C D E F G H

Identify the various escapes from taxation. At the end of the chapter, the student shall be able to: CO2 Discuss the remedies available to income taxpayers Discuss remedies of the government to enforce collection from delinquent taxpayers.

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4. 5. 6. 7. 8. 9.

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1. Inherent limitation 2. Constitutional limitation Taxes a. Essential characteristic b. Classification c. Tax vs. other charges Tax laws Tax enforcement and collection Tax evasion and tax avoidance Situs/place of taxation Double taxation (direct and indirect) Powers and authority of the Commissioner of Internal Revenue under Section 4 to 7, Title 1 of the Tax Code

B. Tax Remedies 1. Remedies of the taxpayer a. Prescriptive periods and administrative remedies b. Protest by the taxpayer of an assessment 2. Request for refund or credit of taxes

TABAG, E.D., GARCIA, E.J.(2019)

Flexible learning

Assignments Quiz

Module/ Textbook/ References

3 hours

3. Remedies of the government

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Effectivity Date: June 1, 2015

Republic of the Philippines CATANDUANES STATE UNIVERSITY Virac, Catanduanes

At the end of the chapter, the student shall be able to: A C D E F G H

CO3 CO4 CO5 CO6

Discuss the provision of the Internal Revenue Code relating to income taxation for individuals, corporations, and estates and trusts. State and identify the classification of taxpayer-individual and corporation. Identify the sources of income, exemptions and allowable deductions. Identify the type of partnerships and joint ventures subject to corporate tax. Define and identify taxable estates and trusts. Compute the taxable income and the tax due and payable for

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C. Income Tax 1. Taxpayer and tax base a. Individuals 1. Classifications of individual 2. Taxable income 3. Classifications of taxes on individuals 4. Income tax due and individual income tax return b. Corporations 1. Classifications 2. Income taxes a. Regular corporate income tax b. Minimum corporate income tax c. Optional corporate income tax d. Improperly accumulated earnings 3. Special corporations a. Domestic b. Resident foreign corporation c. Non-resident foreign corporation 4. Partnerships (general professional partnerships and

TABAG, E.D., GARCIA, E.J.(2019)

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Reyes, Virgilio D. (2018)



RA 10963 – Tax Reform for Acceleration and Inclusion (TRAIN)

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Flexible learning

Assignments Problem Solving Quiz

Module/ Textbook/ References

16.5 hours

Effectivity Date: June 1, 2015

Republic of the Philippines CATANDUANES STATE UNIVERSITY Virac, Catanduanes

individuals, estates, and trusts. Compute and determine the tax due and payable of corporate taxpayers. Apply the NIRC provisions in the preparation of income tax returns for income taxpayers – individuals, corporations, and estates and trusts. Use the correct income tax forms, calculate the amount of tax due and file a correct income tax return.

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business partnerships) 5. Joint ventures (exempt and taxable) 6. Insurance and Franchising companies 7. Corporate income tax return c. Estates and Trusts 1. Definition of estates and trusts 2. Taxable income of estates and trusts 3. Deductions and personal exemptions allowed on estates and trusts 4. Consolidation of two or more trusts with the same beneficiary or grantor 3 hours

MIDTERM EXAMINATION A C D E F G H

CO7 CO8

At the end of the chapter, the student shall be able to: State the list of exclusions from gross income Identify the NIRC list of items of gross

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D. Income Tax (Continuation) 2. Gross Income a. Inclusions in the gross income 1. Compensation for services 2. Income from business, trade or practice of profession

TABAG, E.D., GARCIA, E.J.(2019) Flexible learning 

Reyes, Virgilio D. (2018)

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Assignments Quiz

Module/ Textbook/ References

12 hours

Effectivity Date: June 1, 2015

Republic of the Philippines CATANDUANES STATE UNIVERSITY Virac, Catanduanes

income subject to regular income tax and passive income subject to final tax and their measurement rules. Determine capital gains tax on real property, ordinary and capital assets and shares of stocks. Distinguish exempt benefits, partiallyexempt benefits and fully taxable fringe benefits. Apply the procedures in the computation of the fringe benefit tax. Prepare journal entries to record the fringe benefits expense.

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3. Gains derived from dealings in property 4. Interests, rents, and dividends 5. Royalties 6. Annuities, prizes and winnings 7. Pensions 8. Partner’s distributive share from net income of the general professional partnership 9. Other income including special problems such as merger and consolidation, transfers to controlled corporations, wash sale. Exclusions from gross income Passive income subject to final tax Capital gains tax on sale to real property classified as capital asset Capital gains tax from sale of shares not traded thru a local stock exchange Fringe benefit tax

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Effectivity Date: June 1, 2015

Republic of the Philippines CATANDUANES STATE UNIVERSITY Virac, Catanduanes

A C D E F G H

At the end of the chapter, the student shall be able to: CO9 CO10

State the itemized deductions, special deductions allowed under the NIRC and special laws.

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D. Income Tax (Continuation) 3. Deductions allowed to individual taxpayer a. Itemized deductions b. Items not deductible c. Optional standard deductions

TABAG, E.D., GARCIA, E.J.(2019)

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Flexible learning

Assignments Quiz

Module/ Textbook/ References

Flexible learning

Assignments Quiz

Module/ Textbook/ References

4.5 hours

Reyes, Virgilio D. (2018)

Apply the requisites and deduction rules on itemized and special deductions. Apply the rules of OSD for general professional partnerships and the partners. Compute the OSD for individual and corporate. A B C D E F

CO11

At the end of the chapter, the student shall be able to: Discuss the concept of accounting periods and its types.

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C. Income Tax (Continuation) 4. Accounting periods a. Calendar year b. Fiscal year c. Short accounting period

TABAG, E.D., GARCIA, E.J.(2019)

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1.5 hours

Effectivity Date: June 1, 2015

Republic of the Philippines CATANDUANES STATE UNIVERSITY Virac, Catanduanes

A B C D E F

A C D E F G H

At the end of the chapter, the student shall be able to: CO12 Discuss the accounting methods and their accounting procedures.

At the end of the chapter, the student shall be able to: CO13 Discuss the types of tax returns, their deadline and place of filing.

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C. Income Tax (Continuation) 5. Accounting Methods a. Cash b. Accrual c. Installment method d. Deferred payment method e. Lump-sum or outright method and annual or spread-out method f. Percentage of completion method g. Net worth method of determining taxable income

TABAG, E.D., GARCIA, E.J.(2019)

Flexible learning

Assignments Quiz

Module/ Textbook/ References

Flexible learning

Assignments Quiz

Module/ Textbook/ References

3 hours

C. Income Tax (Continuation) 6. Tax return preparation and tax payments (venue and due dates) a. Regular filing (including substituted filing of return and electronic filing) b. Large taxpayers and nonlarge taxpayers c. Income tax credits d. Payment of taxes in installment e. Withholding taxes (at source, expanded or creditable withholding tax, final withholding tax on government payments)

TABAG, E.D., GARCIA, E.J.(2019)

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1.5 hours

Effectivity Date: June 1, 2015

Republic of the Philippines CATANDUANES STATE UNIVERSITY Virac, Catanduanes

A B C D E F G H

At the end of the chapter, the student shall be able to: CO14 Identify the different compliance requirements as mandated by NIRC.

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E. Compliance Requirements 1. Administrative requirements a. Registration b. Issuance of receipts c. Printing of receipts 2. Attachments to the income tax return including CPA Certificate per NIRC requirement 3. Keeping of books of accounts and records, including reports of inventories. 4. Prescriptive period of books of accounts and other accounting records

TABAG, E.D., GARCIA, E.J.(2019)

Reyes, Virgilio D. (2018)

Flexible learning

Assignments Quiz

FINAL EXAMINATION

XIII. Suggested Readings and References

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Module/ Textbook/ References

1.5 hours

3 hours

1. Ampongan, OE G. (2019) CPA REVIEWER IN TAXATION 2. Duncano, D. A. (2010) Philippine Taxation Handbook A Simplified Course, Manila: National Bookstore 3. Reyes, V. (2013) Income Taxation Law and Accounting 4. Ballada, W. & Galvez, S. (2013) Income Taxation Made Easy. 5. Reyes, V. D. (2009) A Reviewer in Taxation 6. Nolledo, J. (2010) Handbook on Income Taxation in the Philippines, Manila: National Bookstore, Inc. 7. RA 10963 – Tax Reform for Acceleration and Inclusion (TRAIN) 8. R.A. 8424 – An Act Amending the National Internal Revenue Code, As Amended, and for other purposes. 9. Del Leon, H. S. (2010) Comprehensive Review of Taxation, Manila: Rex Printing Company, Inc. 10. www.bir.gov.ph 11. Handouts – CPA Review materials and Internet

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Effectivity Date: June 1, 2015

Republic of the Philippines CATANDUANES STATE UNIVERSITY Virac, Catanduanes

XIV. Course Requirements

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A. Major Examinations B. Work Outputs

XV. Course Policies A. Submission of projects shall be on or before the due date agreed upon by the students and the faculty. Late submission will earn a grade of 3.0. B. Cheating and plagiarism are strictly prohibited. Students caught doing these acts shall be dealt with in accordance with the provisions in the Student Handbook.

XVI - Grading System (Per Board Resolution NO. 3, 4 & 5, S. 2016)

The Final grade of each student will be computed as follows: Mid-Term Examination Quizzes/Homework/Seatwork/Problem Set Performance TOTAL

30% 30% 40% 100%

Final Examination Quizzes/Homework/Seatwork/Problem Set Performance TOTAL

30% 30% 40% 100%

Distribution of Weight for the Overall/Final Grade Mid-Term Grade 1/2...