A taxpayer has unutilized or excess Creditable Withholding Taxes (CWT) for the taxable year 2019. The taxpayer has collected its CWT certificates or BIR Form 2307 from its income payors/customers. Assuming during the review of the taxpayer for his Annual Income Tax Return filed for the year 2019, the taxpayer decided to apply for a refund instead of its initial decision of carrying the excess forward to the next taxable periods. Is the application valid?
A taxpayer has unutilized or excess Creditable Withholding Taxes (CWT) for the taxable year 2019. The taxpayer has collected its CWT certificates or BIR Form 2307 from its income payors/customers. Assuming during the review of the taxpayer for his Annual Income Tax Return filed for the year 2019, the taxpayer decided to apply for a refund instead of its initial decision of carrying the excess forward to the next taxable periods. Is the application valid?
Chapter5: Gross Income: Exclusions
Section: Chapter Questions
Problem 18DQ
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A taxpayer has unutilized or excess Creditable Withholding Taxes (CWT) for the taxable year 2019. The taxpayer has collected its CWT certificates or BIR Form 2307 from its income payors/customers.
- Assuming during the review of the taxpayer for his Annual Income Tax Return filed for the year 2019, the taxpayer decided to apply for a refund instead of its initial decision of carrying the excess forward to the next taxable periods. Is the application valid?
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