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Individual Income Tax Returns

The document discusses individual and corporate income tax returns in the Philippines. It outlines the different tax return forms that must be filed based on the type of taxpayer and income. Form 1700 is for purely employed individual taxpayers, Form 1701A is for self-employed individuals and mixed income earners, and Form 1701 is for estates and trusts. Form 1702-RT is for corporations subject only to the regular income tax, Form 1702-MX is for corporations subject to special or combination tax rates, and Form 1702-EX is for exempt corporations. The deadline for filing all annual income tax returns is the 15th day of the fourth month following the tax year. Rounding rules are also provided for amounts entered in

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201 views2 pages

Individual Income Tax Returns

The document discusses individual and corporate income tax returns in the Philippines. It outlines the different tax return forms that must be filed based on the type of taxpayer and income. Form 1700 is for purely employed individual taxpayers, Form 1701A is for self-employed individuals and mixed income earners, and Form 1701 is for estates and trusts. Form 1702-RT is for corporations subject only to the regular income tax, Form 1702-MX is for corporations subject to special or combination tax rates, and Form 1702-EX is for exempt corporations. The deadline for filing all annual income tax returns is the 15th day of the fourth month following the tax year. Rounding rules are also provided for amounts entered in

Uploaded by

Zen1
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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INDIVIDUAL INCOME TAX RETURNS

Tax Return Individual taxpayers

Form 1700 Purely employed taxpayer

Form 1701A Purely in business or profession, using itemized, OSD or opting to the

8% optional income tax

Form 1701 Mixed income earners, Estates and Trusts

Corporate income taxpayers

Form 1702-RT Corporations subject only to the 25% regular income tax

Form 1702-MX Corporations subject to special or a combination of tax rates

Form 1702-EX Corporations that is exempt with no tax due

It should be noted that exempt corporations are required to report their


results of operations through BIR form 1702-EX even if they do not have
taxable income. They are mandated to itemized their deductions in their
income tax return. The rule is apparently intended to assist the BIR in
monitoring compliance of exempt corporation with their withholding tax
obligations to provide for a mechanism to identify income earned by third
parties.

Exempt corporations with gross income subject to the regular corporate


income tax or special rate shall file BIR form 1702-MX

DEADLINE OF FILING THE INCOME TAX RETURN


The annual income tax return is due for filing on the 15TH day of the fourth month following the
taxable year of the taxpayer. The income tax due shall be paid upon filing.

ROUNDING RULES IN THE INCOME TAX RETURNS

The requirement for entering centavos in the latest version of the income tax return (June 2013 version)
has been eliminated. If the amount of centavos is 49 or less, the centavos are dropped down. If the
amount is 50 centavos or more, it is rounded up to the next peso. Hence, an amount for P100.49 shall
be entered in the income tax return as P100. An amount of P100.50 shall be rounded to P101.
REQUIRED ATTACHMENT IN THE ANNUAL INCOME TAX RETURN

1. Certificate of independent CPA – if annual sales, earnings, receipts or output


exceed P3,000,000)
2. Supplemental form for taxpayers with multiple activities per tax regime
3. Account information form and financial statements (FS) showing:
a. Sales/receipts/fees
b. Cost of sales/services
c. Non-operating and other taxable income
d. Itemized deductions (if taxpayer did not avail of OSD)
e. Taxes and Licenses
f. Other information prescribed to be disclosed in the FS
4. Statement of management responsibility (SMR)
5. Certificate of income payments not subjected to Withholding Tax (BIR Form
2304)
6. Certificate of creditable withheld at source (BIR Form 2307)
7. Duly approved Tax debit memo, if applicable
8. Proof of prior year’s excess credits, if applicable
9. Proof of foreign tax credits, if applicable
10. For amended return, proof of tax payment and the return previously filed.
11. Certificate of tax treaty relief/Enlightenment issued by the concerned Investment
Promotion Agency (IPA)x

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