BIR Ruling No. 195-61
BIR Ruling No. 195-61 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Apr 28, 1961
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April 28, 1961 BIR RULING NO. 195-61 Mr. Felipe S. Tanjutco 1015 Magdalena Street Manila S i r : In reply to your letter dated April 5, 1961, I have the honor to inform you that in accordance with Section 334 of the Tax Code and as implemented by Revenue Regulations No. V-1 as amended, corporations, companies, partnerships or persons whose gross quarterly sales, earnings, receipts or output do not exceed P25,000.00 need not file with their income tax returns comparative profit and loss statements. A person whose gross annual sales amounted to P65,000.00 but whose gross quarterly sales is less than P25,000.00 need file only a balance sheet and profit and loss statement. cdpr Very truly yours, (SGD.) MELECIO R. DOMINGO Commissioner of Internal Revenue
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