BIR Ruling No. 074-64

December 22, 1964 BIR RULING NO. 074-64 Mr. Artemio A. Maranon Zambales Central Institute San Felipe, Zambales S i r : Reference is made to your letter dated May 4, 1964 requesting information on the question of whether or not the change of the School Calendar has affected the Fiscal Year for paying the income tax of private schools, and if so, from what month shall the new fiscal year be counted? In reply thereto, I have the honor to inform you that private schools filing their income tax returns on the fiscal year basis, can continue doing so because the change of the School Calendar has not, in any manner, affected the fiscal year of private schools for purposes of income tax. However, should you desire to make a change in your present accounting period, please be informed further that in all cases, the change must be approved by the Commissioner of Internal Revenue and the changes permissible may be from calendar year or from one fiscal year to another. The application for permission for the change should be submitted in writing to the Commissioner not later than thirty days before the date of the filing of the return based on the original accounting period. The application must designate the proposed date of the closing of the new taxable year of the closing of the new taxable year of the applicant, together with a statement of (1) the date on which the books of accounts were opened and closed each year for the last three years, (2) the date on which the taxable year began and ended as shown on the returns filed for the last 3 years, and (3) the reason why the change in accounting period is desired. aisadc Very truly yours, (SGD.) BENJAMIN N. TABIOS Acting Commissioner of Internal Revenue