Filing of ITR With a Yearly Statement of Net Worth and Operations

October 24, 1958 BIR RULING NO. 650-58 1st Indorsement Returned to the Regional Director, BIR Regional District No. 3, Manila, the herein papers pertaining to the internal revenue case of Sixto S. Tan. cdtech Taxpayers whose gross quarterly receipts are more than P5,000 but less than P25,000 are required to file with their income tax return the yearly statement of net worth and operations, pursuant to General Circular No. V-236. If taxpayers whose gross quarterly receipts do not exceed P5,000 are required to file with their income tax returns the yearly statement of net worth and operations, with more reason should taxpayers whose gross receipts per quarter exceed P5,000 be required to file with their income tax return the said statements. Since the gross quarterly receipts of Mr. Tan in 1955 exceed P5,000 he ought to have filed with his income tax return for that year the yearly statement of net worth and operations. Failure on his part to do so renders him liable to the compromise penalty prescribed in General Circular No. V-236 (par. IV). (SGD.) MELECIO R. DOMINGO Acting Commissioner of Internal Revenue