CWT refund or carry-over?
For most taxpayers, the deadline for filing the Annual Income Tax Returns (AITR) was yesterday (April 15). It is at this moment that a decision to either refund or carry over the excess withholding tax credits must be made. The Supreme Court in one case ruled that both options are irrevocable. But in a recent case, the SC clarified that only one of the options is irrevocable.