P8.000,000 for the current year. The taxable income was P7,000,000 for the current year. The difference is due to accelerated depreciation for income tax purposes. The income tax rate is 30% and the entity made estimated tax payment of P500,000 during the current year. The amount should be reported as current tax expense for the current year?
P8.000,000 for the current year. The taxable income was P7,000,000 for the current year. The difference is due to accelerated depreciation for income tax purposes. The income tax rate is 30% and the entity made estimated tax payment of P500,000 during the current year. The amount should be reported as current tax expense for the current year?
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter3: Taxes On The Financial Statements
Section: Chapter Questions
Problem 4BCRQ
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An entity reported pretax financial income of P8.000,000 for the current year. The taxable income was P7,000,000 for the current year. The difference is due to accelerated
The amount should be reported as current tax expense for the current year?
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