Taxation Laws (compiled codal)
Section 20. Section 74 of the NIRC, as amended. is hereby further amended to read as follows:
"Sec. 74. Declaration of Income Tax for Individuals. -
"(A) In General - Except as otherwise provided in this Section, every individual subject to income tax under Sections 24 and 25(A) of this Title, who is receiving self-employment income, whether it constitutes the sole source of his income or in combination with salaries, wages and other fixed or determinable income, shall make and file a declaration of his estimated income for the current taxable year on or before May 15 of the same taxable year. x x x
"(B) Return and Payment of Estimated Income Tax by Individuals - The amount of estimated income as defined in Subsection (C) with respect to which a declaration is required under Subsection (A) shall be paid in four (4) installments. The first installment shall be paid at the time of declaration and the second and third shall be paid on August 15 and November 15 of the current year, respectively. The fourth installment shall be paid on or before May 15 of the following calendar year when the final adjusted income tax return is due to be filed.
"(C) x x - "