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1. Grounds for Tax refunded or credited:
a) Taxes erroneously or illegally received
b) Penalties imposed without authority
c) Any sum alleged to have been excessively or in any manner wrongfully collected
d) Refund the value of internal revenue stamps when returned in good condition by the purchaser
e) Redeem or change unused stamps rendered unfit for use and refund their value upon proof of destruction, in the discretion of the Commissioner
2. Procedure for credit/refund
a) taxpayer files in writing with the Commissioner a claim for credit or refund
b) filed within 2 yrs after the payment of the tax or penalty
no suit or proceeding shall begun after the expiration of the said 2 yrs regardless of any supervening cause that may arise after the payment
c) a return filed showing an overpayment shall be considered a written claim for credit or refund
3. Suit or proceeding for refund
a) a claim for refund or credit has been filed with the Commissioner
b) the suit may be maintained whether or not such tax/penalty/sum has been paid under protest
c) in any case, suit must be filed within 2 yrs. from date of payment of the tax/penalty regardless of any
supervening cause that may arise after payment
d) the Commissioner may, even without a written claim, refund or credit a tax,
e) where on the face of the return upon which payment was made, payment appears to be erroneous. (Sec. 204 C,229)
4. Tax Credit Certificate
a) may be applied against any internal revenue tax, EXCEPT withholding taxes
b) original copy is surrendered to the revenue officer
c) no tax refund will be given resulting from availment of incentives granted by law where no actual payment was made (Sec. 204 C)
5. Forfeiture of cash refund/tax credit
a) Forfeiture of refund in favor of the government when a refund check or warrant remains unclaimed or uncashed within 5 yrs. from date of mailing or delivery
b) Forfeiture of Tax Credit-a tax credit certificate which remains unutilized after 5 yrs. from date of issue, shall be invalid, UNLESS revalidated. (Sec. 230)
a) Taxes erroneously or illegally received
b) Penalties imposed without authority
c) Any sum alleged to have been excessively or in any manner wrongfully collected
d) Refund the value of internal revenue stamps when returned in good condition by the purchaser
e) Redeem or change unused stamps rendered unfit for use and refund their value upon proof of destruction, in the discretion of the Commissioner
2. Procedure for credit/refund
a) taxpayer files in writing with the Commissioner a claim for credit or refund
b) filed within 2 yrs after the payment of the tax or penalty
no suit or proceeding shall begun after the expiration of the said 2 yrs regardless of any supervening cause that may arise after the payment
c) a return filed showing an overpayment shall be considered a written claim for credit or refund
3. Suit or proceeding for refund
a) a claim for refund or credit has been filed with the Commissioner
b) the suit may be maintained whether or not such tax/penalty/sum has been paid under protest
c) in any case, suit must be filed within 2 yrs. from date of payment of the tax/penalty regardless of any
supervening cause that may arise after payment
d) the Commissioner may, even without a written claim, refund or credit a tax,
e) where on the face of the return upon which payment was made, payment appears to be erroneous. (Sec. 204 C,229)
4. Tax Credit Certificate
a) may be applied against any internal revenue tax, EXCEPT withholding taxes
b) original copy is surrendered to the revenue officer
c) no tax refund will be given resulting from availment of incentives granted by law where no actual payment was made (Sec. 204 C)
5. Forfeiture of cash refund/tax credit
a) Forfeiture of refund in favor of the government when a refund check or warrant remains unclaimed or uncashed within 5 yrs. from date of mailing or delivery
b) Forfeiture of Tax Credit-a tax credit certificate which remains unutilized after 5 yrs. from date of issue, shall be invalid, UNLESS revalidated. (Sec. 230)
