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TAXABLE PERIOD

Kinds of Taxable Periods

1. CALENDAR PERIOD

The twelve (12) consecutive months starting on January 1 and ending on


December 31.

Instances when calendar year shall be the basis for computing net income:

1. When the taxpayer is an individual

2. When the taxpayer does not keep books of account

3. When the taxpayer has no annual accounting period

4. When the taxpayer is an estate or a trust

NOTE: Taxpayers other than a corporation are required to use only the
calendar year.

2. FISCAL PERIOD

It is a period of twelve (12) months ending on the last day of any month
other than December (NIRC, Sec. 22 [Q]).

NOTE: The final adjustment return shall be filed on or before the fifteenth
(15th) day of April, or on or before the fifteenth (15th) day of the fourth (4th)
month following the close of the fiscal year, as the case may be.

3. SHORT PERIOD

General Rule:

The taxable period, whether it is a calendar year or fiscal year always


consists of twelve (12) months.
Exceptions:

Instances when the taxpayer may have a taxable period of less than twelve
(12) months:

1. When the corporation is newly organized and commenced


operations on any day within the year

2. When the corporation changes its accounting period

3. When a corporation is dissolved

4. When the Commissioner of Internal Revenue, by authority, terminates


the