Income taxation : principles and laws with accounting applications / Edwin G. Valencia, Gregorio F. Roxas.

Due to the increase in the amount of the "13th month pay and other benefits" from P30,000 to P82,000 effective taxable year 2015 (R.A. 10653 amending Section 32 (B) (7)(e) of 1997 NIRC), and the various issuances of new Revenue Regulations, BIR Rulings, Revenue Memorandum Circulars, and Supreme Court decisions, the authors urgently revised this book, INCOME TAXATION, to its 7th edition. This book is designed as a textbook in the course Income Taxation covering comprehensive topics included in the CPA and Bar Examinations. The NIRC (R.A. 8424 as amended by R.A. 9337, R.A. 9504, and R.A. 10653), the Court of Tax Appeals and Supreme Court Decisions, latest Revenue' Regulations, BIR Rulings, and Revenue Memorandum Circulars are adequate used as authoritative sources to support the authors' discussions, illustrations and explanations. The book can be used as an easy reference of tax students and tax practitioners. Materials included in this book are classroom tested, logically arranged, improved and gradually presented in the clearest possible manner. Illustrations and diagrams are also included to facilitate the students' learning and comprehension. At the end of each chapter, the authors prepared new various review questions/problems to assess the student's understanding and progress about the subject matter. To our colleagues in the academe who would like to adopt this modest work as their prescribed class textbook, we provide a Teacher's manual to verify solutions of all end-of-chapter problems. The teacher's manual will be given only to the professor and will be included in the delivery of books ordered directly from the VALENCIA EDUCATIONAL SUPPLY or from its authorized distributor(s), whose addresses and contact numbers appear at the back cover of this book. --From the Preface of the Book.