La Consolacion College Manila

Mendiola, Manila

COURSE GUIDE

INCOME TAXATION
SY 2020-2021, 1st Semester

W Day Topics Materials Activities

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1 August 24-28 Course Orientation  Student Handbook  Zoom session
A. Policies
B. Grading System
C. Course Requirements
D. Class Rules

2 August 31 Introduction to Taxation  Book: Banggawan R. (2019)  Video Lecture/Discussion: 01*

-September 4 A. General Principles Income Taxation.  Quiz using LMS
B. Scope of Taxation o 30-minutes
C. Limitations of Taxation o 1 attempt
D. Fundamental Doctrines
in taxation
E. Double Taxation
*Note: Videos are to be uploaded
on LMS
Taxes, Tax Laws and Tax
Administration
A. Taxation laws and Tax
exemption laws
B. Nature of Philippine tax
laws
C. Elements of tax
D. Classification of taxes
E. Tax system
F. Powers of the Bureau
of Internal Revenue
and the Commissioner

3 September 7 – 11 Introduction to Income  Book: Banggawan R. (2019)  Video Lecture/Discussion-02

Taxation
A. Concept of income
B. Taxation Gross income
vs Financial Reporting
Gross income
C. Recovery of loss
capital vs recovery of
loss profit
D. Types of income
taxpayers
E. Classification rule for
individual taxpayers
F. The general rules in
Income taxation
G. Situs of income
Income Taxation.  Quiz using LMS
o 30-minutes
o 1 attempt
 Synchronous learning
o Using Zoom or
Discord
o Brief discussion
o Recitation (Limited to
5 students)
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Tax Schemes, Periods, and
Methods and Reporting
A. Income taxation
schemes
B. Classification of gross
income
C. Accounting Methods
D. The withholding system
E. Information returns
F. Venue and Deadline of
filing income tax
returns
G. Electronic filing and
payment system
H. Payment of taxes
I. Penalties for filing of
returns and late
payment of taxes

4 September 14 - 18 Final Income Taxation  Book: Banggawan R. (2019)  Video Lecture/Discussion-03

A. Features of final Income Taxation.  Quiz using LMS
income taxation o 30-minutes
B. The final withholding o 1 attempt
system
C. Taxpayers subject to
final income tax
D. Passive income subject
to final tax
E. Final tax to Individuals
and corporations
F. Exceptions to the final
taxation of certain
taxpayers
G. The tax sparing rule
H. Final withholding tax
return
I. Entities exempt from
final tax
5 September 21 – 25 Capital Gains Taxation  Book: Banggawan R. (2019)  Video Lecture/Discussion-04
A. Classification of Income Taxation.  Quiz using LMS
taxpayers’ properties o 30-minutes
B. Types of gains on o 1 attempt
dealings in properties
 Synchronous learning
C. Scope of the capital
o Using Zoom or
gains taxation
Discord
D. Capital gains on the
o Brief discussion
sale of stocks directly
to buyer o Recitation (Limited to
E. Costing procedures for 5 students)
stocks
F. Scope of the two-tiered
capital gains tax
G. Annualized capital
gains tax
H. Installment payment of
the two-tiered capital
gains tax
I. Special rules on wash
sales and tax-free
exchanges
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J. Installment payment of
the 6% Capital gains
tax

6 September 28 – Introduction to Regular Income  Book: Banggawan R. (2019)  Video Lecture/Discussion-05

October 2 Taxation Income Taxation.  Quiz using LMS
A. Regular income tax o 30-minutes
model and its
characteristics o 1 attempt
B. Final tax vs Creditable
withholding tax
C. Republic Act No.
10963 (TRAIN)
D. Types of Gross income
subject to regular
income tax
E. Compensation Income
F. Business income
G. Individual reporting of
business or
professional income
H. Non-operating income
I. Corporate reporting of
business income
J. Determination of
taxable income
K. Taxable income of
corporate and
individual taxpayers
L. Pure compensation
and mixed income
earner
M. Types of regular
income tax

7 October 5 - 9 Regular Income Taxation –  Book: Banggawan R. (2019)  Video Lecture/Discussion-06

Exclusions in Gross income Income Taxation.  Quiz using LMS
A. Exclusions from gross o 30-minutes
income
o 1 attempt
B. Other exempt income
under the NIRC and  Synchronous learning
special laws o Using Zoom or
C. Qualification of Discord
exemption on exempt o Brief discussion
entities o Recitation (Limited
Regular Income Taxation – to 5 students)
Inclusion in Gross income
A. Inclusions in gross
income subject to
regular tax
B. Special considerations
in reporting gross
income
C. The effect of
accounting methods
D. The effect of situs
E. The effect of CWT
F. Transfer pricing
regulation
G.
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8 October 10-15 MIDTERM EXAM  LMS
9 October 19 – 23 Discussion of Midterm exam  Printed copy of the Midterm  Zoom meeting or Discord
 Item discussion Exam
10 October 26 – 30 Compensation Income  Book: Banggawan R. (2019)  Video Lecture/Discussion-07
A. Elements of an Income Taxation.  Quiz using LMS
employer employee o 30-minutes
relationship
o 1 attempt
B. The tax model on
compensation income
C. De minimis benefits
D. Components of gross
taxable compensation
income
E. Non-compensation
items
F. 13th month pay and
other benefits
G. Withholding tax on
compensation
H. Minimum wage earners

11 November 2 - 6 Fringe Benefits Taxation  Book: Banggawan R. (2019)  Video Lecture/Discussion-08

A. Tax classifications of Income Taxation.  Synchronous learning
fringe benefits o Using Zoom or
B. Scope of fringe Discord
benefits o Recitation (Limited to
C. Exempt fringe benefits 5 students)
to the fringe benefits  Quiz using LMS
tax o 30-minutes
D. Procedural
o 1 attempt
computation of the
fringe benefits tax
E. Rules on valuation of
fringe benefits
F. Computation of the
fringe benefits tax
A.
12 November 9 – 13 Dealings in Properties  Book: Banggawan R. (2019)  Video Lecture/Discussion-9
A. Dealings in properties Income Taxation.  Quiz using LMS
subject to regular o 30-minutes
income tax o 1 attempt
B. The holding period rule
C. Net capital loss carry-
over
D. Wash sales

13 November 16 – 20 Principles of Deductions  Book: Banggawan R. (2019)  Video Lecture/Discussion-10-

A. Itemized deductions Income Taxation. Sampling and HO6
 Quiz using LMS
o 30-minutes
o 1 attempt

14 November 23 – 27 Special allowable itemized  Book: Banggawan R. (2019)  Video Lecture/Discussion-11

deductions and Net Operating Income Taxation.  Quiz using LMS
Loss Carry-Over (NOLCO) o 30-minutes
A. Special deductions o 1 attempt
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B. Special expenses  Synchronous learning
under the NIRC and o Using Zoom or
Special laws Discord
C. Deduction incentives o Brief discussion
under special laws o Recitation (Limited to
D. NOLCO 5 students)
E. NOL vs NOLCO
F. Rules in carry-over of
NOLCO

Optional Standard Deduction

and RA 10963
A. Who can claim OSD
B. Taxpayers mandatorily
required to use
itemized deductions
C. Rules on determination
of OSD for individuals
D. Other taxable income
from operations
E. OSD for corporate
taxpayers

15 November 30 – Individual Income Taxation  Book: Banggawan R. (2019)  Video Lecture/Discussion-12

December 4 A. Classification of Income Taxation.  Quiz using LMS
individual taxpayers o 30-minutes
B. Income tax table for o 1 attempt
individual taxpayers
C. Premium for health and
hospitalization
insurance
D. Special rules on
taxable estates and
trusts
E. Employee trust fund
F. Rules on married
individuals
G. The annual information
return
H. Installment payment of
the regular income tax
16 December 7 - 11 Corporate Income Taxation –  Book: Banggawan R. (2019)  Video Lecture/Discussion-13
Special Corporations Income Taxation.  Synchronous learning
A. General classification o Using Zoom or
and tax rules for Discord
corporations
o Brief discussion
B. Exempt corporations
o Recitation (Limited to
C. Requisites of
exemption of non-profit 5 students)
corporations  Quiz using LMS
D. Exception to the o 30-minutes
classification rule o 1 attempt
E. Taxation of
cooperatives
F. Allocation of common
expenses of exempt
corporations
G. Special domestic
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corporations
H. The pre-dominance
test
I. Taxation of FCDUs or
EFCDUs
J. Tax on PEZA or BOI-
registered enterprises
K. Special resident foreign
corporations
17 December 14 - 18 Corporate Income Taxation –  Book: Banggawan R. (2019)  Video Lecture/Discussion-14
Regular Corporations Income Taxation.  Synchronous learning
A. The regular corporate o Using Zoom or
income tax Discord
B. The corporate gross o Brief discussion
income tax o Recitation (Limited to
C. The Minimum 5 students)
corporate income
 Quiz using LMS
tax(MCIT)
o 30-minutes
D. Timing of MCIT
o 1 attempt
E. Excess MCIT carry-
over rules o Pre-Final
F. Quarterly MCIT
G. Relief from the
imposition of the MCIT
H. The Improperly
accumulated earnings
tax (IAET)
I. IEAT exempt entities
J. The branch profit
remittance tax
18 December 20 – 25 FINALS  LMS

Prepared by:

Nicolai L. Manguerra, CPA

Faculty, Accountancy Department