Prescribing the Tax and Increments to be Collected from Taxpayers Who Voluntarily Amend Inaccurate Income Tax Returns up to August 1, 1983

May 17, 1983 REVENUE MEMORANDUM CIRCULAR NO. 15-83 SUBJECT : Prescribing the Tax and Increments to be Collected from Taxpayers Who Voluntarily Amend Inaccurate Income Tax Returns up to August 1, 1983 TO : All Internal Revenue Officers and Others Concerned It has come to the attention of this Office that a substantial number of individual taxpayers have filed inaccurate income tax returns for the year 1982, the deadline for the filing of which fell last March 18. Many married taxpayers are said to have filed separate returns while others have increased the number of dependent children, resulting in lower income tax payments. cdt In order that the correct income taxes could be collected from these individual taxpayers, those who filed inaccurate income tax returns for CY 1982, including married couples who filed separate returns, may file amended consolidated income tax returns on or before August 1, 1983 to correct those previously filed, subject only to the payment of the following: 1. Such deficiency income tax as may be determined to be due under the amended return; 2. Twenty per cent (20%) interest per annum on such deficiency, as provided in Section 51 (d) of the Tax Code; and 3. Ten per cent (10%) surcharge on such deficiency as provided in Sec. 51 (e) (3) of the Tax Code. After August 1, 1983 the 50% fraud penalty will be imposed on the deficiency tax and criminal prosecution will be instituted against the erring taxpayers for filing false and fraudulent returns, in accordance with the provisions of Section 73, 2nd paragraph of the Tax Code. cd All internal revenue officers and others concerned should give this Circular as wide publicity as possible. (SGD.) ROMULO M. VILLA Acting Commissioner