Owner of Rice Lands Leased to Tenants Required to Keep a Journal and Ledger

March 13, 1968 BIR RULING NO. 001-68 Mr. Herminio H. Aguilar 513-A C. Alonso Street Malate, Manila S i r : This refers to your letter requesting information as to whether or not your father who owns rice lands which are leased to tenants is required to keep books of accounts. In reply thereto, I have the honor to inform you that as owner of rice lands leased to tenants your father fails within the purview of the term "persons required by law to pay internal revenue taxes" found in Section 334 of the Tax Code, and therefore, he is required to keep a journal and ledger or their equivalents. However, if his gross quarterly earnings or receipts do not exceed P5,000.00, he may use only a simplified set of bookkeeping records duly authorized by the Secretary of Finance. Before using said books of records, they must first be presented for approval and registration with the Regional Director, or the Revenue District Officer, or Collection Agent, as the case may be, in accordance with Section 19 of the Revenue Regulations No. V-1, as amended, otherwise known as the Bookkeeping Regulations. Very truly yours, (SGD.) MISAEL P. VERA Commissioner of Internal Revenue