A corporation filed its Annual Income Tax Return for the taxable year 2018 on April 15, 2019,
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Question:
A corporation filed its Annual Income Tax Return for the taxable year 2018 on April 15, 2019, together with its required attachments such as the Audited Annual Financial Statements. On March 17, 2020, the company’s accountant discovered an error in excluding a sales amounting to Php7.5M which comprises 30% under the declaration of sales.
Assume that the company was subjected to a BIR audit or was issued a Letter of Authority (LOA) prior to the amendment of its Annual Income Tax Return, is the company allowed to make any amendment?
Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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