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Compute the income tax due

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Question - NSCIS Corporation, a retailer, has a gross sales of Ph13,000,000 with cost of sales of Ph5,200,000 and allowable deductions of Ph1,300,000 for the taxable year ending June 30, 2021. Its total assets of Ph145,000,000 as of June 30, 2021 per Audited Financial Statements includes the land costing Ph50,000,000 and building of Ph20,000,000 in which the business entity is situated, with an aggregate amount of Ph70,000 as Fixed Assets. Taxable year 2021 is the 4th year of operation of the corporation, compute the Income tax due.

Reference no: EM132980529

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