BIR Ruling

July 11, 1969 Action Line c/o The Manila Times P. O. Box 775, Manila S i r : This is in reply to the letter of Mr. Pacifico Fernandez of 1789 C. Aguila St., Manila, inquiring whether this Office requires the registry or just stamping of receipts and books of accounts of one whose real estate gross income from rentals is less than P4,000.00 a year. Under Section 19 of Revenue Regulations No. V-1, as amended, books of accounts, registers, records, invoices, receipt and other accounting records are required to be presented to the BIR for approval and registration prior to actual use thereof. Registered receipts and books of accounts are stamped by the registering official of this Bureau. Considering that a person whose real estate gross income from rentals is less than P4,000.00 a year is required by law to pay income tax thereon, he is required to issue receipts duly registered with this Bureau and to keep books of accounts in accordance with the Bookkeeping Regulations. Very truly yours, (SGD.) MISAEL P. VERA Commissioner of Internal Revenue