BIR FORM 1700 PDF

April is also one of the busiest months here at the Taxumo Headquarters. And, you probably know the reason why. The Income Tax Return ITR that most people refer to is actually the annual tax form that an individual files every April 15th of the following year. This form summarizes all of the income or loss you have incurred for the past year. Form — Please use this form if the 1 you are a mixed income individual, meaning you are an employee AND also earning income from a business or side profession ex. It is highly recommended that you also make sure you file your Quarterly Income Tax Forms aside from your Annual.

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An individual whose gross compensation income does not exceed his total personal and additional exemptions; 2. An individual receiving purely compensation income, regardless of amount, from only one employer in the Philippines for the calendar year, the income tax of which has been withheld correctly by the said employer tax due equals tax withheld ; 3. An individual whose income has been subjected to final withholding tax alien employee as well as Filipino employee occupying the same position as that of the alien employee of regional or area headquarters and regional operating headquarters of multinational companies, petroleum service contractors and sub-contractors, and offshore banking units; non-resident alien not engaged in trade or business ; and 4.

An individual who is exempt from income tax. They shall file this return reflecting herein the net income from business. In case of married individuals who are still required to file returns or in those instances not covered by the substituted filing of returns, only one return for the taxable year shall be filed by either spouse to cover the income of the spouses, which return shall be signed by the husband and wife, unless it is physically impossible to do so, in which case signature of one of the spouses would suffice.

If taxpayer has no legal residence or place of office in the Philippines, the return shall be filed with the Office of the Commissioner or Revenue District Office No. The returns of the taxpayers shall be filed on or before the fifteenth 15th day of April of each year covering income for the preceding taxable year. When and Where to Pay Upon filing this return, the total amount payable shall be paid to the AAB where the return is filed.

When the tax due exceeds P2, Where the return is filed with an AAB, taxpayer must accomplish and submit BIRprescribed deposit slip, which the bank teller shall machine validate as evidence that payment was received by the AAB. The AAB receiving the tax return shall stamp mark the word Received on the return and also machine validate the return as proof of filing the return and payment of the tax by the taxpayer, respectively.

The machine validation shall reflect the date of payment, amount paid and transaction code, the name of the bank, branch code, tellers code and tellers initial. Bank debit memo number and date should be indicated in the return for taxpayer paying under the bank debit system. Overwithholding of income tax on compensation shall be refunded by the employer, except if the overwithholding is due to the fault of the employee then it shall be forfeited in favor of the government.

For eFPS Taxpayer The deadline for electronically filing and paying the taxes due thereon shall be in accordance with the provisions of existing applicable revenue issuances.

Personal and Additional Exemptions For taxable year , the following transitory personal and additional exemptions shall be used: January 1 to July 6 to December Personal Exemption Total July 5, 31, Single P 10, P 25, P 35, Head of the Family 12, 25, 37, Married 16, 25, 41, Additional Exemption maximum of 4 children Every Qualified 4, Dependent Children In the case of married individuals where only one of the spouses is deriving gross income, only such spouse shall be allowed the personal exemption.

An individual, whether single or married, shall be allowed an additional exemption of P25, The additional exemption for dependents shall be claimed by the husband, who is deemed the proper claimant unless he explicitly waives his right in favor of his wife. Dependent Child means a legitimate, illegitimate or legally adopted child chiefly dependent upon and living with the taxpayer if such dependent is not more than twenty-one 21 years of age, unmarried and not gainfully employed or if such dependent, regardless of age, is incapable of self-support because of mental or physical defect.

In the case of legally separated spouses, additional exemption may be claimed only by the spouse who has custody of the child or children; Provided, that the total amount of additional exemptions that may be claimed by both shall not exceed the maximum additional exemptions allowed by the Tax Code. Change of Status If the taxpayer marries or should have additional dependent s during the taxable year, the taxpayer may claim the corresponding personal or additional exemption, as the case may be, in full for such year.

If the taxpayer dies during the taxable year, his estate may still claim the personal and additional exemptions for himself and his dependent s as if he died at the close of such year. If the spouse or any of the dependents dies or if any of such dependents marries, becomes twenty-one 21 years old or becomes gainfully employed during the taxable year, the taxpayer may still claim the same exemptions as if the spouse or any of the dependents died, or as if such dependents married, became twenty-one 21 years old or became employed at the close of such year.

Provided, that in , the pro-rated personal and additional exemptions shall apply as stated. In case of married taxpayers, only the spouse claiming the additional exemption for dependents shall be entitled to this deduction. Penalties There shall be imposed and collected as part of the tax: 1. Compromise penalty. Attachments Required 1. Waiver of the husbands right to claim additional exemption, if applicable.

Duly approved Tax Debit Memo, if applicable. Proof of Foreign Tax Credits, if applicable. For amended return, proof of payment and the return previously filed. Note: All background information must be properly filled up. Box No. ENCS 12, 16, For taxable year and onwards, each individual taxpayer, whether single or married, shall be allowed a basic personal exemption amounting to Fifty thousand pesos P50, Related Interests.

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An individual whose gross compensation income does not exceed his total personal and additional exemptions. An individual with respect to pure compensation income, as defined in Section 32 A 1 derived from sources within the Philippines, the income tax on which has been correctly withheld tax due equals tax withheld under the provisions of Section 79 of the Code: Provided, that an individual deriving compensation concurrently from two or more employers at any time during the taxable year shall file an income tax return. An individual whose income has been subjected to final withholding tax alien employee as well as Filipino employee occupying the same position as that of the alien employee of regional or area headquarters and regional operating headquarters of multinational companies, petroleum service contractors and sub-contractors, and offshore banking units; non-resident alien not engaged in trade or business. A minimum wage earner or an individual who is exempt from income tax. Filing Date This return is filed on or before April 15 of each year covering income for the preceding taxable year. BIR Form No.

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An individual whose gross compensation income does not exceed his total personal and additional exemptions; 2. An individual receiving purely compensation income, regardless of amount, from only one employer in the Philippines for the calendar year, the income tax of which has been withheld correctly by the said employer tax due equals tax withheld ; 3. An individual whose income has been subjected to final withholding tax alien employee as well as Filipino employee occupying the same position as that of the alien employee of regional or area headquarters and regional operating headquarters of multinational companies, petroleum service contractors and sub-contractors, and offshore banking units; non-resident alien not engaged in trade or business ; and 4. An individual who is exempt from income tax.

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