This course deals with the study of the nature, scope, and limitations of individuals and business firms. It covers principles of taxation, ethical tax compliance and administration, organization of the Bureau of Internal Revenue, Bureau of Customs, Local Government tax collecting unit, Board of Investment, Philippine Economic Zone Authority, tax remedies, income taxation for individuals, estate and trust, corporations and partnerships. It also includes the provision of the laws on who are taxable, the income subject to tax and the allowable expenses as well as the exemptions allowed per type of taxpayer. It deals with the preparation and filing of the income tax returns, due dates of income taxes, the tax rates and penalties and surcharges related to income tax, accounting periods, accounting methods, withholding taxes and compliance requirements. Familiarization with the required forms is part of the course.