Use of Simplified Set of Bookkeeping Records Especially Designed for Professionals

November 25, 1959 BIR RULING NO. 616-59 Mr. Eliseo A. Zabate Attorney-at-Law 1979-C Leveriza St. Pasay City S i r : Reference is made to your letter dated November 2, 1959, requesting information whether, as a lawyer whose income comes from professional fees, lectures and other sources, you should use the simplified set of bookkeeping records approved in accordance with Revenue Regulations No. V-13 or that approved in accordance with Revenue Regulations No. V-43 which amended the former revenue regulations. You also request information where you can secure a simplified set of bookkeeping records especially designed for professionals, if one has been approved and authorized to be used. In answer thereto, I have the honor to inform you that you can, at your election, use either of the bookkeeping records mentioned above. The question of whether or not those previously approved under Revenue Regulations No. V-13 may continue to be used by taxpayer is still pending decision of the Supreme Court in G.R. No. L-15397 (Felipe B. Ollada vs. the Secretary of Finance et al.). To date, the only simplified set of bookkeeping records especially designed for professionals that has been approved under Revenue Regulations No. V-43 is the "Professional's Simplified Accounts and Tax Record" devised by Mr. Felipe B. Ollada, a certified public accountant, whose last known address is 501 China Bank Building, Manila. Very truly yours, (SGD.) MELECIO R. DOMINGO Commissioner of Internal Revenue