REVENUE MEMORANDUM CIRCULAR NO. 50-2013 issued on July 18, 2013 clarifies the “Tentative Annual Income Tax Returns” being filed by certain taxpayers.

     A “Tentative Tax Return” shall be considered as a final return, unless a final amended return is filed by the concerned taxpayer. However, once an electronic Letter of Authority or any other notice of audit is received, taxpayers are barred from making amendments to the tentative tax returns filed. This emphasizes that Income Tax returns marked as “Tentative” may also be the subject of examination pursuant to Section 6(A) of the Tax Code, as amended.