Practice question
Which excess-credit transaction is identified in Section228(c)?
- An amount claimed for refund or tax credit is also carried over and automatically applied to succeeding quarterly estimated tax liabilities
- Every ordinary deduction on a valid return
- Any tax paid on time
- Only a tax imposed by a barangay
- An unpaid private dividend
Legal references
- NIRC RA8424, Sections203,222–223 and228: https://lawphil.net/statutes/repacts/ra1997/ra_8424_1997.html Section228(c)–(e), specific PAN exceptions.
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