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Rule On Centavos

The document discusses rounding fractional parts of a peso less than or equal to 50 centavos down and rounding fractional parts above 50 centavos up when computing income tax amounts in the Philippines.

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Maybelle Bernal
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22 views

Rule On Centavos

The document discusses rounding fractional parts of a peso less than or equal to 50 centavos down and rounding fractional parts above 50 centavos up when computing income tax amounts in the Philippines.

Uploaded by

Maybelle Bernal
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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In computing the income tax, a fractional part of a peso less P0.

50
shall be disregarded. If the fractional part is P0.50 or more it shall be rounded
to P1.00
Example:
Amount of computed income tax P17, 590.45
Correct amount of income tax P17, 590.00

Amount of computed income tax P 59,016.60


Correct amount of income tax P 59,017.00

Amount of computed income tax P 59,016.50


Correct amount of income tax P 59,017.00

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