Payment of Income Tax Due on Installment Basis

June 26, 1991 BIR RULING NO. 124-91 49 (a) (2) 155-90 124-91 Gentlemen : This refers to your letter dated April 5, 1991 requesting in effect a ruling as to whether a taxpayer with an income tax due of P3,000.00 and a tax withheld of P2,000.00 be allowed to treat the P2,000.00 as the first installment and the balance of P1,000.00 as the second installment to be paid on or before the 15th of July. In reply, your query is answered in the affirmative pursuant to Section 49 (2) of the National Internal Revenue Code reading: "(2) Installment payment . When the tax due is in excess of P2,000, the taxpayer other than a corporation may elect to pay the tax in 2 equal installment in which case, the first installment shall be paid at the time the return is filed and the second installment on or before July 15 following the close of the calendar year. . ." aisadc Very truly yours, (SGD.) JOSE U. ONG Commissioner