Bir Form 1701 PDF Details

If you are a Filipino citizen or permanent resident, you are required to file a 1701 tax return each year. This form is used to report your income and calculate your taxes. In this post, we will explain what you need to know about filing a 1701 tax return. We will cover the different types of income that must be reported, as well as the deductions and credits that may be available to you. Let's get started!

QuestionAnswer
Form NameBir Form 1701
Form Length22 pages
Fillable?No
Fillable fields0
Avg. time to fill out5 min 30 sec
Other namesbir 1701, bir form1701, 1701 bir form, bir 1701 form

Form Preview Example

BIR FORM 1701 PRIMER

ANNUAL INCOME TAX RETURN FOR SELF-EMPLOYED/PROFESSIONALS, ESTATES AND TRUSTS (INCLUDING THOSE WITH BOTH BUSINESS AND COMPENSATION INCOME) -

Individuals who are engaged in trade or business or the practice of profession including those mixed income earners (i.e., those engaged in the trade/business or profession who are also earning compensation income) are required to file an annual income tax in accordance with Sec. 51 of the Code, as amended. The annual income tax return summarizes all the transactions covering the calendar year of the taxpayer.

This Form is to be accomplished by the taxpayer in three (3) copies. The first two (2) copies upon filing will be submitted to BIR for its File and Encoding Copies, while the third copy is retained by the taxpayer for his/her/its File Copy.

This Form is required to be filed, whether or not resulting in taxable income or loss or no operations/transactions.

The following are the general instructions in accomplishing this Form:

(1)All applicable spaces must be filled in;

(2)All information required by the Form must be written in capital fonts (CAPITAL LETTERS);

(3)Mark with an “X” all applicable circles.

(A)Contents and Instruction/Description of the Fields of Information/Data Required by the Form.

Item No.

 

Information/Data

 

Description

 

 

 

 

 

 

 

 

Part 1 Background Information

 

 

 

 

 

1

For the year

(YYYY)

Indicate the taxable year covered by the return.

 

 

 

 

Individual taxpayers are always on a calendar

 

 

 

 

year basis (i.e. 2012).

 

 

 

 

 

 

 

 

2

Amended Return?

Mark the applicable circle with an “X”. This item

 

O Yes

O No

shall indicate whether or not the

tax return being

 

 

 

 

accomplished and filed for the

year

is

a

 

 

 

 

correction or

an amendment

to

a

previously

 

 

 

 

filed income tax return covering the same

year .

 

 

 

 

3

Joint Filing?

 

Mark the applicable circle with an “X”. This item

 

O Yes

O No

shall indicate whether or not the return to be

 

 

 

 

accomplished, in the case of spouses, shall be a

 

 

 

 

joint return of both their income. If no spouse,

 

 

 

 

mark the No circle with an “X”.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TAXPAYER’S BACKGROUND INFORMATION

 

 

 

 

 

4

Taxpayer Identification Number

Fill in the Taxpayer Identification Number (TIN)

 

(TIN)

 

 

issued to the taxpayer evidencing his/her/its

 

 

 

 

registration with the Bureau. The TIN comprises

 

 

 

 

of a nine to thirteen (9 to 13) digit numeric code

 

 

 

 

where the first nine (9) digits is the TIN proper

 

 

 

 

and the last four (4) digits is the branch

code. The

 

 

 

 

branch code shall always be 0000.

 

 

 

 

 

 

 

 

5

RDO Code

 

Indicate the Revenue District Office Code,

 

 

 

 

comprising of three (3) digits numeric or

 

 

 

 

alphanumeric

code, where the

taxpayer’s

head

Page 1 of 22

 

 

 

office is registered. For example: 001 for Laoag

 

 

 

City, 43A for East Pasig.

 

 

 

 

6

Taxpayer’s

Name

Write the name of the individual taxpayer

 

Last Name

beginning with the surname/last name followed by

 

First Name

the first name and lastly the middle name.

 

Middle Name

 

 

 

 

7

Registered Address

Write the registered address of the principal place

 

Unit/Room Number/Floor

of business of the taxpayer. All applicable spaces

 

Building Name

must be filled in.

 

Lot/Block/Phase/House/Building

 

 

Number

 

 

Street Name

 

 

Subdivision/Village

 

 

Barangay

 

 

 

Municipality/City

 

 

Province

 

 

 

Zip Code

 

 

 

 

 

8

Date of Birth

Write the taxpayer’s date of birth indicating the

 

(MM/DD/YYYY)

month, day and year. In case of estate or trust,

 

 

 

the date of birth is the day when it was registered

 

 

 

in the BIR. For example: If the birthday is January

 

 

 

5, 1970, write 01 05 1970.

 

 

 

9

Gender (Sex)

Mark the applicable circle with an “X”. This refers

 

O Male

O Female

to the gender of a person, either a male or female,

 

 

 

at the time of birth in accordance with the Civil

 

 

 

Code. For estate and trust, leave this item

 

 

 

unmarked.

 

 

 

 

10

Civil Status

 

Mark the applicable circle with an “X”. This refers

 

O Single

O Married

to the civil status of the taxpayer. The estate or

 

O Separated O Widow/er

trust is considered to be single.

 

 

 

11

Contact Number

Write the telephone or cell phone number of the

 

 

 

taxpayer where the taxpayer can be contacted in

 

 

 

case there is a need to validate certain

 

 

 

information/data contained in the return filed.

 

 

 

12

E-mail address

Write the existing official email address of the

 

 

 

taxpayer wherein BIR will be able to communicate

 

 

 

electronically in case there is a need to validate

 

 

 

certain information/data contained in the return

 

 

 

filed

 

 

 

13

Line of Business

Indicate the nature of the business/profession the

 

 

 

taxpayer is engaged in as indicated in the

 

 

 

Certificate of Registration (BIR Form No. 2303).

 

 

 

 

Page 2 of 22

14

Alphanumeric Numeric Code

 

Mark the applicable circle with an “X”.

 

 

 

(ATC)

 

 

 

 

 

 

 

 

 

 

 

II 011 Compensation Income

O

 

 

 

 

 

 

 

 

 

 

II 012 Business Income/Income

 

 

 

 

 

 

 

 

 

 

 

from Profession

O

 

 

 

 

 

 

 

 

 

 

II 013 Mixed Income

O

 

 

 

 

 

 

 

 

 

 

 

 

 

15

Method of Deduction

 

Mark the applicable circle with an “X” the method

 

O

Itemized Deduction [Secs. 34

of deduction

employed

by

the

taxpayer

in

 

 

(A to J), NIRC]

 

claiming

the

deductions

for

the

taxable

year

 

O

Optional Standard Deduction

whether

itemized

or

optional

standard

 

 

(OSD)-40% of Gross

 

deduction. The chosen method of deduction used

 

 

Sales/

 

in the first quarter of the year shall be consistently

 

 

Receipts/Revenues/Fees

 

applied throughout the year.

 

 

 

 

 

 

 

[Section 34 (L), NIRC, as

 

 

 

 

 

 

 

 

 

 

 

 

amended by R.A. No.

 

 

 

 

 

 

 

 

 

 

 

 

9504]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16

Claiming for Additional

 

Mark the circle Yes with an “X” if the taxpayer/filer

 

Exemption?

 

is the one claiming the additional exemption/s for

 

O Yes

 

qualified child/ren, otherwise mark with “X” the

 

O No

 

circle No. If there is no child to be claimed as

 

 

 

 

additional exemption, leave the space unmark.

 

 

 

 

17

If yes, number of Qualified

 

If yes to Item 16, write 1, 2, 3 or 4 on the box

 

Dependent Children

 

depending on the number of qualified dependent

 

 

 

 

child/ren listed in Item 29.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SPOUSE’S INFORMATION

 

 

 

 

 

 

 

18

Spouse’s Name

 

Write the name of the spouse of the individual

 

Last Name

 

taxpayer beginning with the surname/last name

 

First Name

 

followed by the first name and lastly the middle

 

Middle Name

 

name.

 

 

 

 

 

 

 

 

 

 

 

 

19

Taxpayer Identification Number

 

Fill in the Taxpayer Identification Number (TIN)

 

(TIN)

 

issued to the spouse of the taxpayer evidencing

 

 

 

 

his/her registration with the Bureau, if applicable.

 

 

 

 

20

RDO Code

 

Indicate the Revenue District Office Code,

 

 

 

 

comprising of three (3) digits numeric or

 

 

 

 

alphanumeric code, where the spouse of the

 

 

 

 

taxpayer is registered, if applicable.

 

 

 

 

 

 

 

21

Date of Birth (MM/DD/YYYY)

 

Write the date of birth of the spouse of the

 

 

 

 

taxpayer indicating the month, day and year. For

 

 

 

 

example: If the birthday is January 5, 1970, write

 

 

 

 

01 05 1970.

 

 

 

 

 

 

 

 

 

 

 

22

Contact Number

 

Write the telephone or cell phone number of the

 

 

 

 

spouse of the taxpayer where the spouse can be

 

 

 

 

contacted in case there is a need to validate

 

 

 

 

certain information /data contained in the return

 

 

 

 

filed.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Page 3 of 22

23

E-mail Address

 

Write the existing official e-mail address of the

 

 

 

 

spouse of the taxpayer wherein BIR will be able to

 

 

 

 

communicate electronically in case there is a need

 

 

 

 

to validate certain information/data contained in

 

 

 

 

the return filed.

 

 

 

 

 

 

.

 

 

 

 

24

Line of Business

 

Indicate the nature of the business/profession the

 

 

 

 

spouse of the taxpayer is engaged in, if

 

 

 

 

applicable.

 

 

 

 

 

 

 

 

25

Alphanumeric Numeric Code

 

Mark the applicable circle with an “X”.

 

 

(ATC)

 

 

 

 

 

 

 

II 011 Compensation Income

O

 

 

 

 

 

 

II 012 Business Income/Income

 

 

 

 

 

 

 

from Profession

O

 

 

 

 

 

 

II 013 Mixed Income

O

 

 

 

 

 

 

 

 

 

26

Method of Deduction

 

Mark the applicable circle with an “X” the method

 

O

Itemized Deduction [Secs. 34

of deduction

employed

by the spouse of the

 

 

(A to J), NIRC]

 

taxpayer

in

claiming the deductions

for the

 

O

Optional Standard Deduction

taxable

year

whether

itemized or

optional

 

 

(OSD)-40% of Gross

 

standard deduction. The chosen method of

 

 

Sales/

 

deduction used in the first quarter of the year shall

 

 

Receipts/Revenues/Fees

 

be consistently applied throughout the year.

 

 

[Section 34 (L), NIRC, as

 

 

 

 

 

 

 

 

amended by R.A. No.

 

 

 

 

 

 

 

 

9504]

 

 

 

 

 

 

 

 

 

 

27

Claiming for Additional

 

Mark the circle Yes with an “X” if the spouse is the

 

Exemption?

 

one claiming the additional exemption/s for

 

 

 

 

qualified child/ren, otherwise mark with “X” the

 

 

 

 

circle No. If there is no child to be claimed as

 

 

 

 

additional exemption, leave the space unmark.

 

 

 

28

If yes, number of Qualified

If yes to Item 28, write 1, 2, 3 or 4 on the box

 

Dependent Children

 

depending on the number of qualified dependent

 

 

 

 

child/ren listed in Item 29.

 

 

 

 

 

 

29

Qualified Dependent Children

 

Write the surname/last name, first name(s),

 

 

 

 

middle name, date of birth, (month, day, and year)

 

 

 

 

of the child/ren, and mark the circle with an “X” if

 

 

 

 

physically or mentally incapacitated. 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 P25,000.00 for each

 

 

 

 

qualified dependent child, not exceeding four (4).

 

 

 

 

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

Page 4 of 22

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.

30Are you availing of tax relief Mark the applicable circle with an “X”. The yes

under

Special

Law

or circle is applicable to those who are availing of

International Tax Treaty?

preferential tax rates/incentives and privileges/

O

Yes

 

 

exemptions granted by special law, international

O

No

 

 

agreement or treaty.

 

 

 

 

If the answer to this query is yes, the taxpayer is

 

 

 

 

required to fill in Part VII (Items 91 to 98) the

 

 

 

 

specific details to indicate the required

 

 

 

 

information/data to which the particular incentive/

 

 

 

 

exemption/preferential tax rate is being availed,

 

 

 

 

otherwise, mark the circle No with an “X”.

NOTE: In case any information in the income tax return differs from the registered information, the taxpayer shall immediately inform/notify in writing the Revenue District Office where the taxpayer is registered using BIR Form No. 1905 in order to effect the necessary change/update on any background information in the registration.

Part II Computation of Tax

(NOTE: The tax shall be computed per column for Taxpayer or Spouse)

Before filling in Part II, fill in first Part V of this form (Items 51 to 71)

31

Income Tax Due under Regular

Write the amount of income tax due under

 

Rate

 

 

Regular Rate by copying the amount reflected in

 

 

 

 

Item 69C/69D of Part V.

 

 

 

 

 

32

Add:

Income

Tax Due under

Write the amount of income tax due under Special

 

Special Rate

 

rate by copying the amount reflected in Item

 

 

 

 

69A/69B of Part V.

 

 

 

33

Total Income Tax Due

Write the amount of Total Income Tax Due which

 

 

 

 

is the sum of Items 31A and 32A/31B and 32B.

 

 

 

34

Aggregate Income Tax Due

Write the amount of aggregate income tax due of

 

 

 

 

the taxpayer and spouse which is the sum of

 

 

 

 

Items 33A and 33B.

 

 

 

 

 

35

Less:

Tax

Credits/Payments

This refers to the amount of tax credits/payments

 

(attach proof)

 

of the taxpayer/spouse during the year allowed to

 

 

 

 

be deducted from the tax due. Proof is required to

 

 

 

 

be attached.

 

 

 

35A/B

Prior Year’s Excess Credits

This refers to the amount of excess

 

 

 

 

payments/withholding in prior year/s which are

 

 

 

 

carried forward in the current year and allowed to

 

 

 

 

be applied against the income tax due.

 

 

 

35C/D

Tax Payment for the 1st Three

Write the amount of the income tax payments

 

Quarters

 

made for the first three (3) quarters of the current

 

 

 

 

year.

 

 

 

 

 

Page 5 of 22

35E/F

Creditable Tax Withheld for the

Write the amount of the creditable income tax

 

1st Three Quarters

withheld by payor/s on the income payments

 

 

 

made to the taxpayer/spouse in the first three

 

 

 

quarters of the current year.

 

 

 

35G/H

Creditable Tax Withheld per BIR

Write the creditable income tax withheld by

 

Form No. 2307 for the 4th quarter

payor/s on the income payments made to the

 

 

 

taxpayer/spouse in the fourth (4th) quarter of the

 

 

 

current year. Attach BIR Form No. 2307 issued by

 

 

 

the payor/s.

 

 

 

35I/J

Tax withheld per BIR Form No.

Write the amount of withholding tax on

 

2316

 

compensation withheld by the employer/s on the

 

 

 

compensation income of the taxpayer/spouse and

 

 

 

remitted to the BIR. Attach BIR Form No. 2316

 

 

 

issued by the employer/s.

 

 

 

35K/L

Tax Paid in Return Previously

Indicate the amount of income tax paid in the

 

Filed, if this is an Amended

previous return filed. Attach the previous return

 

Return

 

filed and proof of income tax payment.

 

 

 

36M/N

Foreign Tax Credits

Write the amount of final tax or income tax

 

 

 

withheld by a foreign country. Ex: Income tax

 

 

 

withheld by the U.S. government to the prize of

 

 

 

Manny Paquiao after his fight or the income tax

 

 

 

withheld by a U.S. corporation(s) wherein he

 

 

 

endorsed its/their products.

 

 

 

35O/P

Other Payments/Credits, specify

Indicate the amount/s of any other payments/tax

 

 

 

credits allowed to be applied against the tax due.

 

 

 

35Q/R

Total Tax Credits/ Payments

Write the amount of the total tax credits/payment

 

 

 

claimed (Sum of Items 35A, C, E, G, I, K, M and

 

 

 

O/35B, D,F, H, J, L, N and P)

 

 

 

36

Net Tax Payable/(Overpayment)

Indicate the difference between the tax due in

 

 

 

Item 33A/33B and the total payments/credits in

 

 

 

Item35Q/35R).

 

 

 

37

Aggregate Tax Payable/

Indicate the aggregate tax payable/ (overpayment)

 

(Overpayment)

of taxpayer and spouse which is the sum of Items

 

 

 

36A and 36B.

 

 

 

 

38 Penalties

38A/38E

Surcharge (25% or

Indicate the amounts which are additions to the

 

 

50% of tax due)

tax that serve as civil penalties imposed upon the

 

 

 

taxpayer in cases of violations committed with

 

38B/38F Interest (20% per year

respect to the filing of the income tax return and/or

 

 

of tax due)

payment of the tax due thereon.

 

38C/38G

Compromise (basis is

There shall be imposed and collected as part of

 

 

RMO 19-2007)

the tax:

 

 

 

1. A surcharge of twenty five percent (25%) for

 

38D/38H Total penalties (sum of

each of the following violations:

 

 

Items 38A, 38B and

a) Failure to file any return and pay the

 

 

38C/38E, 38F and

amount of tax or installment due on or

Page 6 of 22

 

38G)

before the due dates;

 

 

b) Unless otherwise authorized by the

 

 

Commissioner, filing a return with a person

 

 

or office other than those with whom it is

 

 

required to be filed;

 

 

c) Failure to pay the full or part of the amount

 

 

of tax shown on the return, or the full

 

 

amount of tax due for which no return is

 

 

required to be filed, on or before the due

 

 

date;

 

 

d) Failure to pay the deficiency tax within the

 

 

time prescribed for its payment in the

 

 

notice of assessment.

 

 

2. A surcharge of fifty percent (50%) of the basic

 

 

tax or of the deficiency tax shall be imposed in

 

 

case of willful neglect to file the return within

 

 

the period prescribed by the Tax Code and/or

 

 

by rules and regulations or in case of a false

 

 

or fraudulent return is filed.

 

 

3. Interest at the rate of twenty percent (20%) per

 

 

annum on any unpaid amount of tax, from the

 

 

date prescribed for the payment until it is fully

 

 

paid.

 

 

4. Compromise Penalty, pursuant to

 

 

existing/applicable revenue issuances.

 

 

 

39

Aggregate Penalties

Indicate the aggregate penalties of taxpayer and

 

 

spouse which is the sum of Items 38D and 38H.

 

 

 

40

Total Amount Payable/

Indicate the total amount payable/ (creditable/

40A/40B

(Creditable/Refundable)

refundable) which is the sum of Items 36A &

 

 

38D/36B and 38H.

 

 

 

41

Aggregate Amount Payable/

Indicate the aggregate amount payable/

 

(Creditable/Refundable)

(creditable /refundable) of taxpayer and spouse

 

 

which is the sum of Items 40A and 40B.

 

 

 

42

Less: Portion of Tax Payable

Indicate the amount/ portion of tax payable

42A/42B

Allowed for 2nd Installment

allowed for 2nd installment payment to be paid on

 

Payment to be paid on or before

or before July 15.

 

July 15

 

 

 

When the tax due is in excess of P 2,000.00, the

 

 

taxpayer may elect to pay the tax in two (2) equal

 

 

installments in which case, the first installment

 

 

shall be paid at the time the return is filed and the

 

 

second installment, on or before July 15 following

 

 

the close of the calendar year.

 

 

 

43

Amount of Tax Required to be

Indicate the amount of tax required to be paid

43A/43B

Paid Upon Filing this Return

upon filing which is the difference between the

 

 

total amount payable in Item 40 and portion of tax

 

 

payable allowed for 2nd installment in Item 42.

 

 

 

44

Net aggregate amount of tax

Indicate the net aggregate amount of tax required

 

required to be paid/ (creditable/

to be paid by taxpayer and spouse which is the

 

refundable) upon filing of this

sum of Items 43A and 43B.

Page 7 of 22

 

return.

 

 

 

 

 

 

If overpayment , mark “X” one

An excess of the total tax credits/payments over

 

circle only

the actual income tax due computed in the final

 

 

adjusted return may be refunded or issued with

 

O To be refunded

the Tax Credit Certificate to the taxpayer or

 

 

credited against his/her estimated income tax

 

O To be issued a Tax Credit

liabilities for the quarters of the succeeding

 

Certificate (TCC)

taxable

years. The taxpayer shall exercise its

 

 

option by marking with an “X” the appropriate

 

O To be carried over as tax

circle.

Thus, once the taxpayer opted to carry-

 

credit for next

over and apply the excess income tax against

 

year/quarter

income tax due for the succeeding taxable year,

 

 

no application for cash refund or issuance of a tax

 

 

credit certificate shall be allowed. In case the

 

 

taxpayer fails to signify his/her choice, the excess

 

 

payment shall be automatically carried-over to the

 

 

next taxable period.

 

 

 

 

Part III Availment of Tax Income Incentives/Exemptions

45

Total Tax Relief/Savings

Indicate the amount of total tax relief by copying

 

 

the amount in Item 98J/98K of Part VII

 

 

 

46

Aggregate Amount of Tax

Indicate the aggregate amount of tax

 

Relief/Savings

relief/savings of taxpayer and spouse which is the

 

 

sum of Items 45A and 45B.

 

 

 

 

Part IV Details of Payment

A– Drawee Bank/Agency Space to indicate the details of the payment and

 

B – Number

the mode of payment (whether by cash/bank debit

 

C – Date (MM/DD/YYYY)

memo, check, TDM, others) identifying the

 

D – Amount

bank/agency; number, if any; date; and amount.

 

 

Only the applicable spaces must be filled in.

 

 

 

47

Cash/Bank Debit Memo

For cash payment, indicate the amount in column

 

 

46D and write “N/A” (Not Applicable) in columns

 

 

A, B and C. For Bank Debit Memo (BDM), indicate

 

 

the name of the bank, number, date of BDM and

 

 

amount in the appropriate columns (A, B, C and

 

 

D).

 

 

 

48

Check

Indicate the name of drawee bank, check number,

 

 

date of check and amount in the appropriate

 

 

columns (A, B, C and D).

 

 

 

49

Tax Debit Memo

Indicate the Tax Debit Memo (TDM) number, date

 

 

and amount in the appropriate columns (A, B and

 

 

C).

50

Others

Specify other modes of payment. Indicate “N/A” or

 

 

fill in appropriate columns, if applicable.

 

 

Ex. Special Allotment Release Order (SARO)

 

 

Tax Subsidy Debit Memo (TSDM)

 

 

Tax Remittance Advice (TRA)

 

 

Tax Subsidy Availment Certificate (TSAC)

 

 

Direct Crediting

 

 

Page 8 of 22

 

 

Receiving Portion

 

Space provided for

stamping and affixing

the

 

 

 

 

 

 

initials of the revenue officer or bank teller, as

 

 

Stamp of Receiving Office/AAB

the case maybe, evidencing the date of receipt

of

 

 

and Date of Receipt

 

the return from the taxpayer/authorized

 

 

(RO’s

Signature/Bank

Teller’s

representative.

 

 

 

 

 

Initial)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Part V Breakdown of Income (attach additional sheet/s, if necessary)

 

 

This part shall be filled in first before filling in Part II (Items 31 to 44)

 

(NOTE: The tax shall be computed per tax regime per column of taxpayer and spouse.)

 

 

 

A – Exempt; B – Special Rate; C – Regular/Normal Rate

 

 

51

 

Gross

Compensation

Income

Indicate the gross compensation income earned

 

 

(from schedule 1)

 

during the calendar year. This can be taken from

 

 

 

 

 

 

Item 75A and/or 75C of Part VI, Schedule 1.

 

 

 

 

 

 

 

 

52

 

Less: Non-Taxable/Exempt

Indicate

the

total

non-taxable/exempt

 

 

Compensation

 

compensation such as, contributions to PAG-IBIG,

 

 

 

 

 

 

PHILHEALTH, SSS, GSIS, Union dues and other

 

 

 

 

 

 

non-taxable/exempt compensation as reflected in

 

 

 

 

 

 

BIR Form No. 2316-Certificate of Compensation

 

 

 

 

 

 

and Taxes Withheld issued by the employer/s.

 

 

 

 

 

53

 

Gross Taxable Compensation

The difference between Gross Compensation

 

 

Income

 

 

 

Income (Item 51) and Non-Taxable/Exempt

 

 

 

 

 

 

Compensation (Item 52).

 

 

 

 

 

 

 

 

Taxpayer: 53A = 51A less 52A; Spouse: 53B =

 

 

 

 

 

 

51B less 52B

 

 

 

 

 

 

 

 

54

 

Less Deductions

 

This refers to allowable deductions under the

 

 

 

 

 

 

Code.

 

 

 

 

 

 

 

 

54A/B

 

Premium on Health and/or

Indicate the amount of actual health and/or

 

 

Hospitalization Insurance (not to

hospitalization insurance premium but not to

 

 

exceed P 2,400/year)

 

exceed P 2,400.00 Provided, that, the family gross

 

 

 

 

 

 

income is P 250,000.00 or less in a taxable year.

 

 

 

 

 

 

Provided, finally, that in case of married

 

 

 

 

 

 

taxpayers, only the spouse claiming for additional

 

 

 

 

 

 

exemption for dependents shall be entitled to this

 

 

 

 

 

 

deduction.

 

 

 

 

 

 

 

 

 

54C/D

 

Personal

Exemption/Exemption

Indicate the amount of P 50,000.00 allowed for

 

 

for Estate or Trust

 

each individual taxpayer, whether single or

 

 

 

 

 

 

married. For Estate or Trust, the personal

 

 

 

 

 

 

exemption is P 20,000.00.

 

 

 

 

 

 

 

 

54E/F

 

Additional

Exemptions

 

Indicate the amount claimed by individual,

 

 

 

 

 

 

whether single or married, which shall be P

 

 

 

 

 

 

25,000.00 for each qualified dependent child, not

 

 

 

 

 

 

exceeding four (4). For example: with 1 qualified

 

 

 

 

 

 

dependent child P 25,000.00; with 5 qualified

 

 

 

 

 

 

dependent children, only P 100,000.00 is allowed

 

 

 

 

 

 

(4 x P 25,000.00).

 

 

 

 

 

 

 

 

 

54G/H

 

Total Deductions

 

Write the Sum of Items 54A, C & E/54B, D & F.

 

 

 

 

 

 

 

 

 

 

 

 

Page 9 of 22

55

Total Compensation Income/

Indicate the amount which is Item 53A less 54G/

 

(Excess of Deductions)

Item 53B less 54H.

 

 

 

 

 

56

Sales/Revenues/Receipts/Fees

Write the amount of Sales/Revenues/Receipts/

 

(net of sales returns, allowances

Fees (net of sales returns, allowances and

 

and discounts)

 

discounts) of the taxpayer/spouse during the

 

 

 

 

taxable year from trade/business or practice of

 

 

 

 

profession segregated into corresponding

 

 

 

 

columns of exempt, special rate or regular rate.

 

 

 

 

For example: BMBEexempt, PEZAspecial rate.

 

 

 

 

 

57

Add:

Other

Taxable/Exempt

Indicate the amount of other taxable/exempt

 

Income

from

Operation, not

income from operation, which was not subjected

 

subject to final tax

to final tax. For example: scrap sale.

 

 

 

 

 

 

 

 

 

 

58

Total

 

 

Indicate

the

amount

of

sales

 

Sales/Revenues/Receipts/Fees

/receipts/revenues/fees and other taxable income

 

 

 

 

which is the sum of Items 56A & 57M, 56B & 57N

 

 

 

 

for exempt, 56C & 57O, 56D & 57P for special

 

 

 

 

rate and 56E & 57Q, 56F & 57R for regular rate.

 

 

 

59

Less: Cost of Sales/Services

Indicate the amount of direct cost incurred in

 

 

 

 

generating the sales from goods/services.

 

 

 

 

 

60

Net

 

 

Write the amount of net sales/revenues/

 

Sales/Revenues/Receipts/Fees

receipts/fees which is Item 58A less 59A, 58B less

 

 

 

 

59B for exempt, 58C less 59C, 58D less 59D for

 

 

 

 

special rate and 58E less 59E, 58F less 59F for

 

 

 

 

regular rate.

 

 

 

 

 

 

 

61

Add: Non-Operating Taxable

Indicate the amount of Non-operating Taxable

 

Income

 

 

Income. For example: Interest income from

 

 

 

 

advances to employees.

 

 

 

 

 

 

62

Gross Income

 

Write the amount of gross income which is the

 

 

 

 

sum of Net sales/revenues/receipts/fees and non-

 

 

 

 

operating taxable income (Item 60 plus Item 61).

 

 

 

 

For ECOZONES

 

 

 

 

 

 

 

Gross income shall refer to gross sales or gross

 

 

 

 

revenue derived from registered business activity

 

 

 

 

within the zone, net of sales discounts, sales

 

 

 

 

returns and allowances minus cost of sales or

 

 

 

 

direct costs but before any deductions for

 

 

 

 

administrative,

marketing,

selling,

operating

 

 

 

 

expenses or incidental losses during a given

 

 

 

 

taxable period.

 

 

 

 

 

 

 

For BCDA

 

 

 

 

 

 

 

 

Gross income shall refer to gross sales or gross

 

 

 

 

revenue derived from registered business activity

 

 

 

 

within the zone, net of sales discounts, sales

 

 

 

 

returns and allowances minus cost of sales or

 

 

 

 

direct costs but before any deductions for

 

 

 

 

administrative,

marketing,

selling,

operating

 

 

 

 

expenses or

incidental losses during

a given

Page 10 of 22

 

 

 

 

taxable period. For financial enterprises, gross

 

 

 

 

income shall include interest income, gains from

 

 

 

 

sales and other income net of costs of funds.

 

 

 

 

 

63

Less: Deductions

 

Refers to allowable deductions.

 

 

 

 

 

 

63A/B

Optional

Standard

Deduction

Indicate the amount of computed OSD if the

 

(OSD)

 

 

option to use OSD is exercised.

The amount of

 

 

 

 

OSD is forty percent (40%) of the Total

 

 

 

 

Sales/Revenues/Receipts/fees (Item 58E/58F x

 

 

 

 

40%). This type of deduction shall not be allowed

 

 

 

 

for non-resident aliens engaged in trade or

 

 

 

 

business. Once this option is availed of, the

 

OR

 

 

taxpayer need not submit the Account Information

 

 

 

 

Form (AIF)/ Financial Statements (FS).

 

 

 

63C/D/E/F/G/H

Regular Allowable Itemized

Indicate the amount of allowable expenses

 

Deductions

 

incurred during the taxable year.

This is the total

 

 

 

 

amount reflected in the Mandatory Attachment to

 

 

 

 

BIR Form No. 1701.

 

 

 

 

63I/J/K/L/M/N

Special Allowable Itemized

Write the amount of allowable deductions

 

Deductions

 

provided under existing regular and special laws,

63O/P/Q/R/S/T

 

 

 

rules and issuances such as but not limited to

 

Description

 

Rooming-in and Breastfeeding Practices under

 

 

 

 

RA 7600, Adopt-a-School Program under RA

 

Legal Basis

 

8525, Expanded Senior Citizens Discount under

 

 

 

 

RA 9994, and Free Legal Assistance under RA

 

 

 

 

9999.

 

 

 

 

63U/V/W/X/Y/Z

Allowance for NOLCO

Write the amount of the applied portion of Net

 

(from Item 83)

 

Operating Loss Carry Over (NOLCO) computed in

 

 

 

 

Item 83 of Part VI, Schedule 2A.

 

 

 

 

63AA/AB/AC/

Total Allowable Itemized

Indicate the sum of the regular and special

AD/AE/AF

Deductions

 

allowable itemized deductions, and allowance for

 

 

 

 

NOLCO (Sum of Items 63C, I, O & U/ 63D, J, P &

 

 

 

 

V/ 63E, K, Q & W/ 63F, L, R & X/ 63G, N, S & Y/

 

 

 

 

63H, N, T & Z).

 

 

 

 

 

64

Net Income

 

Indicate the amount of net income which is the

 

 

 

 

difference between gross income and total

 

 

 

 

deductions. (For taxpayers who opted to avail of

 

 

 

 

OSD Item 62E less 63A/ 62F less 63B). For

 

 

 

 

taxpayers who opted for itemized deductions -

 

 

 

 

Item 62A less 63AA/ 62B less 63AB/ 62C less

 

 

 

 

63AC/ 62D less 63AD/ 62E less 63AE/ 62F less

 

 

 

 

63AF.)

 

 

 

 

65

Less: Excess of Deductions over

Indicate the amount of excess of Deductions over

 

Taxable

Compensation Income

Taxable Compensation Income (from Item

 

(from Item 55A/55B) OR the

55A/55B) OR the Total Deductions (from Item

 

Total Deductions

(from Item

54G/54H), if there is no Compensation Income.

 

54G/54H), if there is no

 

 

 

Compensation Income

 

 

 

 

 

 

 

 

Page 11 of 22

66

Taxable/Exempt

Business

Indicate the amount of Taxable/Exempt Business

 

Income/ Income from Profession

Income/Income from profession which is Item 64

 

(Item 64 less 65)

 

less Item 65.

 

 

 

67

Total Taxable Income (Sum of

Indicate the amount of Total Taxable Income

 

Items 55 and 66)

 

which is the sum of Items 55 and 56. However, if

 

 

 

Item 55 (Total Compensation Income/ (Excess of

 

 

 

Deductions) shows negative amount, simply copy

 

 

 

the amount in Item 66.

 

 

 

68

Applicable Tax Rate (i.e. special

For special rate, indicate special rate under

 

rate/regular rate)

 

existing laws. For example: PEZA 5%

 

 

 

For regular rate, indicate the applicable tax rate

 

 

 

under Section 24 as shown below:

 

 

 

If taxable income is:

 

 

 

Not over P10,000 = 5%

 

 

 

Over P10,000 but not over P30,000 = P500 + 10%

 

 

 

in excess of P10,000

 

 

 

Over P30,000 but not over P 70,000 = P2,500 +

 

 

 

15% in excess of P30,000

 

 

 

Over P70,000 but not over P140,000 = P8,500 +

 

 

 

20% in excess of P70,000

 

 

 

Over P140,000 but not over P250,000 = P22,500

 

 

 

+ 25% in excess of P140,000

 

 

 

Over P250,000 but not over P500,000 = P50,000

 

 

 

+ 30% in excess of P250,000

 

 

 

Over P 500,000 = p125,000 + 32% in excess of

 

 

 

P500,000

 

 

 

 

69

Income Tax Due

 

Indicate the amount of tax due by multiplying the

 

 

 

total taxable income (Item 67) by the applicable

 

 

 

tax rate (Item 68).

 

 

 

70

Less: Share of Other Agencies

Indicate the portion of the income tax computed

 

 

 

under the special rate due to the other agencies.

 

 

 

For example: 2% share of LGU for PEZA

 

 

 

enterprise.

 

 

 

71

Income Tax Due to National

Indicate the difference between the income tax

 

Government under Special Rate

due (Item 69) and share of other agencies (Item

 

 

 

70).

 

 

 

 

Part VI Schedule 1 Gross Compensation Income and Tax Withheld (attach additional sheet/s, if necessary)

72 to 74

Names of Employer/s

Write the name(s) of employer/s or employers if

 

 

more than 1 during the taxable year.

A/B/C/D/E

Taxpayer Identification Numbers

Write the TIN(s) of employer or employers if more

 

(TINs)

than 1 during the taxable year.

 

Compensation Income -

Write the compensation income or compensation

 

Taxpayer/Filer or Spouse

incomes of taxpayer/spouse, if more than 1

 

 

employers during the year.

 

 

 

Page 12 of 22

 

Tax Withheld Taxpayer/Filer or

Write the tax withheld or taxes withheld of

 

Spouse

taxpayer/spouse if more than 1 employers during

 

 

the year.

75

Total Compensation Income/Tax

Sum of the compensation income(s)/tax/es

 

Withheld

withheld of the taxpayer/spouse (Sum of Items 72

 

 

to 74).

 

 

 

Schedule 2 Computation of Net Operating Loss Carry Over (NOLCO)

76

Gross Income

Copy the amount of gross income in Item 60

 

 

 

77

Less: Total Deductions Exclusive

Copy the amount of regular allowable itemized

 

of NOLCO & Deductions under

deductions in Item 63E/F/G/H

 

Special Laws

 

 

 

 

78

Net Operating Loss Carry Over

Indicate the difference between Item 76 and 77.

 

 

 

Schedule 2A Computation of Available Net Operating Loss Carry Over (NOLCO) (attached additional sheet/s, if necessary)

A schedule which is an integral part of the form detailing the computation of available NOLCO (applied and unapplied portion). Only net operating losses incurred by the qualified taxpayer may be carried over to the next three (3) immediately succeeding taxable years following the year of such loss.

79 to 82

Net Operating Loss

Indicate the year incurred in 79 to 82 and the

 

Year Incurred

amount in 79A to 82A for net operating loss.

A/B/C/D/E

A - Amount

 

 

Net Operating Loss Carry Over

Indicate the amount for net operating loss carry

 

B - Applied Previous Year

over applied for the previous year (Items 79B to

 

C - Applied Current Year

82B), applied for the current year (Items 79C to

 

D - Expired

82C) and the expired portion (Items 79D to 82D).

 

E - Net Operating Loss

Indicate the unapplied amount of net operating

 

(Unapplied)

loss (Items 79E to 82E).

 

Total(Sum of Items 79C, 80C,

Write the sum of available net operating loss carry

83

81C & 82C)

over applied to the current year (Sum of Items

 

(to Item 63W/X/Y/Z)

79C, 80C, 81C & 82C)

 

 

 

Schedule 3 Reconciliation of Net Income per Books Against Taxable Income (attached additional sheet/s, if necessary)

84

Net Income/(Loss) per Books

Net Income(Loss) before Income Tax

 

 

 

85

Add: Other Taxable Income/Non-

Indicate the amount of Non-operating Taxable

 

deductible Expenses

Income. For example: Interest income from

 

 

advances to employees.

 

 

Indicate the amount of non-deductible expenses.

 

 

Example: Depreciation Expense arising from

 

 

increase in valuation as a result of appraisal.

 

 

Write the total amount of all non-deductible

 

 

expenses and taxable other income under the

 

 

appropriate column whether at the regular or

 

 

special rate columns.

 

 

 

Page 13 of 22

 

 

For taxpayer subject to regular rate, fill up the

 

 

regular/normal rate column with the non-

 

 

deductible expenses such as: allowance for bad

 

 

debts not actually written off, amortization and

 

 

others which are not deductible for taxation

 

 

purposes. Also, add other taxable income such

 

 

as: recovery of bad debts previously written off,

 

 

adjustment to retained earnings, and other

 

 

adjustments that are considered as income for tax

 

 

purposes.

 

 

 

For taxpayer subject to special rate, fill up the

 

 

special rate column with the non-deductible

 

 

expenses for tax purposes such as:

 

 

administrative, marketing, selling,

operating

 

 

expenses or incidental losses during a given

 

 

taxable period. Further, all other items considered

 

 

as income for tax purposes should be added-

 

 

back.

 

 

 

 

 

86

Total

Item 84 less item 85= Item 86

 

 

 

 

 

87

Less: Total Non-taxable Income

Example of non-taxable income:

Retirement

 

and Income Subjected to Final

benefits pursuant to Section 32(B)(6)(a). Example

 

Tax

of income already subjected to final tax: Interest

 

 

income from bank deposit wherein the 20% final

 

 

tax was withheld by the bank.

 

 

 

 

88

Special Deductions

Write the amount of special deductions such as

 

 

deductions under the Adopt-a-School Program,

 

 

free legal assistance, senior citizens discounts,

 

 

etc.

 

 

 

Indicate the sum of 63K & Q, 63L & R, 63M & S

 

 

and/or 63N & T in the corresponding column of tax

 

 

regime.

 

 

 

 

 

89

Total

Sum of Items 87 and 88.

 

 

 

 

90

Net Income

Indicate the resulting difference of the Total

 

 

Income and Total Deductions (Item 86A less

 

 

89A/86B less 89B/86C less 89C/86D less 89D).

 

 

This should equal the amount reflected as Net

 

 

Income from Item 64C & 64D/64E & 64F.

 

 

 

 

Part VII Details of Income Tax Incentives/Exemptions (attach additional sheet/s, if necessary)

91A to 97A

Certificate of Registration/BIR

Write the registered activity/program as shown in

 

Ruling/MOA/Others

the registration certificate issued by the concerned

 

 

IPA which granted the exemption/incentive/

 

 

preferential tax rate, for example Board of

 

 

Investment (BOI), Philippine Economic Zone

 

 

Authority (PEZA), Subic Bay Metropolitan

 

 

Authority (SBMA), Cooperative Development

 

 

Authority (CDA), Department of Foreign Affairs,

 

 

etc. Indicate the registration number, if applicable.

Page 14 of 22

91B to 97B

Legal Basis (Special Law/ R.A.

Write the specific special law, international

 

No.)

 

 

agreement or treaty which is the legal basis for the

 

 

 

 

grant of the tax exemption/ incentive/preferential

 

 

 

 

tax rate. For example, EO 226 Omnibus

 

 

 

 

Investment Code, RA 7196 - PEZA Law, in the

 

 

 

 

case of regular/normal rate (special tax relief) RA

 

 

 

 

8525Adopt-a-School Program or RA 9257

 

 

 

 

Senior Citizens Act, etc.

 

Effectivity

Date of

Incentive

 

 

Exemption

 

 

 

91C to 97C

 

 

 

 

 

From (MM/DD/YYYY)

 

Indicate the start date of the effectivity on the

 

 

 

 

grant of tax exemption/incentive/preferential tax

 

 

 

 

rate as shown in the certificate of registration

 

 

 

 

issued by the concerned IPA by writing the month,

 

 

 

 

day and year. For example: May 1, 2011 as the

 

 

 

 

start date, write 05 01 2011.

91D to 97D

 

 

 

 

 

To (MM/DD/YYYY)

 

Indicate the end date of the effectivity on the grant

 

 

 

 

of tax exemption/incentive/preferential tax rate as

 

 

 

 

shown in the certificate of registration issued by

 

 

 

 

the concerned IPA by writing the month, day and

 

 

 

 

year. For example: April 30, 2014 as the end

 

 

 

 

date, write 04 30 2014.

91E to 97E

 

 

 

 

 

Nature and Extent of Incentive/

For example: ITH

 

Exemption

 

 

 

 

Amount of Income Tax Payable

Indicate the regular income tax otherwise due by

91F to 97F

under Regular Rate

 

first getting the sum of special allowable itemized

91G to 97G

Taxpayer/Filer

 

deductions in Items 63I to 63T and the net taxable

 

Spouse

 

 

income in Item 67, then multiply by the applicable

 

 

 

 

tax rate (refer to tax table).

91H to 97H

Amount of Actual Income Tax

Copy the computed income tax due in Item 69.

91I to 97I

Paid

 

 

 

 

Taxpayer/Filer

 

 

 

Spouse

 

 

 

91J to 97J

Amount of Tax Relief/Savings

Difference between column F and column

91K to 97K

Taxpayer

 

 

H/column G and column I.

 

Spouse

 

 

 

98

Total

 

 

Sum of Items 91J to 97J/91K to 97K which shall

 

 

 

 

be forwarded to item 45

 

 

 

 

Part VIII For Estate and Trust

(Engaged in Trade and Business)

Payments to Heirs/Beneficiaries (attached additional sheet/s, if necessary)

99 to 101

Name

 

 

Indicate the Name/s of Heir/s or Beneficiary/ies.

 

 

 

 

 

99A to 101A

Taxpayer

Identification

Number

Indicate the TIN/s of Heir/s or Beneficiary/ies.

 

(TIN)

 

 

 

99B to 101B

Amount

Write the amount of income payment/s to heir/s or

Page 15 of 22

 

 

 

 

beneficiary/ies.

99C to 101C

Tax Withheld

 

 

Write the amount of tax/es withheld from the

 

 

 

 

income payment/s to heir/s or beneficiary/ies.

 

 

 

 

 

102

Total

Payment

to

Write the total income payment/s to the heir/s of

 

Heirs/Beneficiaries

 

the estate or to the beneficiaries of the trust. (Sum

 

 

 

 

of Items 99B to 101B)

 

 

 

 

 

Jurat Clause

I declare under the penalties of perjury, that this annual return has been made in good faith, verified by me, and to the best of my knowledge and belief, is true and correct, pursuant to the provisions of the National Internal Revenue Code, as amended, and the regulations issued under authority thereof.

103

Name of the Taxpayer/

Portion requiring the signature of the taxpayer or

 

Authorized

Representative/

any person

filing on his/her/its

behalf such as

 

Accredited Tax Agent

his/her/its

 

authorized

representative

or

 

 

 

accredited

tax agent

(ATA)

attesting to

the

 

 

 

truthfulness

and

correctness

of

the information

 

 

 

contained in the

return.

 

 

 

 

 

Position and TIN of Authorized

In case the return is filed by an authorized

 

Representative/ATA

representative, the TIN of the authorized

 

 

 

representative must be indicated and an

 

 

 

authorization letter from the taxpayer must be

 

 

 

attached.

 

 

 

 

 

 

 

Tax Agent

Accreditation No./

All returns filed by an accredited tax agent on

 

Atty’s Roll No. (if applicable)

behalf of a taxpayer shall bear the following

 

Issue Date

 

information:

 

 

 

 

 

 

Date of Expiry

 

A. For CPAs and others (individual practitioners

 

 

 

and members of GPPs):

 

 

 

 

 

 

a.1 TIN; and

 

 

 

 

 

 

 

 

a.2 Certificate of Accreditation Number, Date

 

 

 

of Issuance, and Date of Expiry (which is

 

 

 

within three [3] years from date of expiry).

 

 

 

 

B. For members of the Philippine Bar (individual

 

 

 

practitioners and members of GPPs);

 

 

 

 

a.1 TIN; and

 

 

 

 

 

 

 

 

a.2 Attorney’s Roll Number or Accreditation

 

 

 

Number, if any.

 

 

 

 

 

 

 

104 to 107

Community Tax Certificate No.

Space to indicate the details of the Community

 

Place of Issue

 

Tax Certificate issued by the Local Government

 

Date of Issue

 

Unit.

 

 

 

 

 

 

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

Part IX Supplemental Information (attached additional sheet/s, if necessary)

 

Gross Income/Receipts Subjected to Final Withholding

 

 

 

 

 

 

108

Interest

 

Refers to interest from any currency bank deposit and

 

 

 

yield or any monetary benefit from deposit substitute

 

 

 

and from trust funds and similar arrangements.

 

108A/108D

Actual Amount

 

Write the actual amount of interest income.

 

108B/108E

Final Tax Withheld/Paid

Write the final tax withheld/paid.

 

 

 

 

 

 

 

 

 

 

 

 

 

Page 16 of 22

108C/108F

Exempt

 

 

Write the amount of exempt interest income which is

 

 

 

 

the interest income from long-term deposit substitutes

 

 

 

 

or investment in the form of savings, common or

 

 

 

 

individual trust funds, deposit substitutes, investment

 

 

 

 

management accounts and other investments

 

 

 

 

evidenced by certificates prescribed by the BSP.

 

 

 

 

109

Royalties

 

Refers to royalties, except on books, as well as other

 

 

 

 

literary works and musical composition.

109A/109C

Actual

Amount/Fair

Market

Write the actual amount of royalty income.

 

Value/Net Capital Gains

 

 

109B/109D

Final Tax Withheld/Paid

 

Write the amount of tax withheld/paid

 

 

 

 

110

Dividends

 

Refers to Cash and/or Property Dividends actually or

 

 

 

 

constructively received by an individual from a

 

 

 

 

domestic corporation or from a joint stock company,

 

 

 

 

insurance or mutual fund companies and regional

 

 

 

 

operating headquarters of multinational companies, or

 

 

 

 

on the share of an individual in the distributable net

 

 

 

 

income after tax of a partnership (except GPP) of which

 

 

 

 

he is a partner, or on the share of an individual in the

 

 

 

 

net income after tax of an association, a joint account,

 

 

 

 

or joint venture or consortium taxable as a corporation

 

 

 

 

of which he is a member or co-venturer.

110A/110C

Actual

Amount/Fair

Market

Indicate the actual amount of Cash Dividends or Fair

 

Value/Net Capital Gains

 

Market Value of Property Dividends.

110B/110D

Final Tax Withheld/Paid

 

Indicate the amount of final tax withheld/paid based on

 

 

 

 

zonal valuation of real property or FMV if goods or

 

 

 

 

inventory.

 

 

 

 

111

Prizes and Winnings

 

Refers to prizes [except P10,000 or less which is

 

 

 

 

subject to the progressive rates under Section 24(A)(1)]

 

 

 

 

and winnings (except Philippine Charity Sweepstake

 

 

 

 

and Lotto winnings) received by an individual.

111A/111C

Actual

Amount/Fair Market

Value/

Indicate the actual amount of prizes or winnings, if the

 

Net Capital Gains

 

prize is cash or fair market value, if the prize is a real

 

 

 

 

property like car or personal property like goods.

111B/111D

Final Tax Withheld/Paid

 

Indicate the amount of final tax withheld/paid based on

 

 

 

 

zonal valuation of real property or FMV if goods or

 

 

 

 

inventory.

 

 

 

 

112

Fringe Benefits

 

Refers to any good, service or other benefit furnished

 

 

 

 

or granted in cash or in kind by an employer to an

 

 

 

 

individual employee (except rank-and-file employees).

112A/112C

Actual

Amount/Fair Market

Value/

Indicate the actual amount of the fringe benefit, if the

 

Net Capital Gains

 

benefit is in cash or FMV of the fringe benefit, if the

 

 

 

 

benefit is a real property like car or personal property

 

 

 

 

like goods.

112B/112D

Final Tax Withheld/Paid

 

Indicate the amount of final tax withheld based on

 

 

 

 

zonal valuation of real property or FMV if goods or

 

 

 

 

inventory. The formula of computing the final tax of

 

 

 

 

Fringe Benefits Tax (FBT): Actual monetary value of

 

 

 

 

expense account of P50,000.00 received by the CEO

Page 17 of 22

 

 

 

 

 

 

 

 

of the corporation, is to be divided by 68% to be

 

 

 

 

 

 

 

 

multiplied by 32% in order to arrive to the Gross-up

 

 

 

 

 

 

 

 

Monetary Value of the fringe benefit.

 

 

 

 

 

 

113

Compensation

Subject

to

15%

Refers to Filipinos employed by Regional Operating

 

Preferential Rate

 

 

 

 

Headquarters or Regional/Area Headquarters in a

 

 

 

 

 

 

 

 

managerial or technical position receiving an annual

 

 

 

 

 

 

 

 

gross taxable compensation of at least P975,000.00.

113A/113C

Actual

Amount/Fair Market

Value/

Indicate the actual amount of the gross compensation

 

Net Capital Gains

 

 

 

income (whether or not this actually received).

 

 

 

 

 

 

 

.

113B/113D

Final

Tax

Withheld/Paid

Indicate the amount of final tax withheld/paid on

 

Taxpayer/Filer

 

 

 

 

compensation income.

 

 

 

 

114

Sale/Exchange of Real Properties

 

Refers to the sale, exchange, or other disposition of

 

 

 

 

 

 

 

 

real property located in the Philippines, classified as

 

 

 

 

 

 

 

 

capital assets, including pacto de retro sales and other

 

 

 

 

 

 

 

 

forms of conditional sales, by individuals, including

 

 

 

 

 

 

 

 

estates and trusts.

114A/114H

Description of Property

 

 

 

Indicate whether the property is a land, building and

 

 

 

 

 

 

 

 

improvement, condominium.

114B/114I

OCT/TCT/CCT/Tax

Declaration

Indicate the OCT or TCT or CCT or the tax declaration

 

Number

 

 

 

 

 

number of the property issued by the city or municipal

 

 

 

 

 

 

 

 

assessor.

114C/114J

Certificate

Authorizing

Registration

Indicate the CAR number issued by the BIR who has

 

(CAR) Number

 

 

 

 

jurisdiction over the real property sold/transferred.

 

 

 

 

 

 

 

 

.

114D/114K

Actual

 

Amount/Fair

 

Market

Indicate the amount which is either the selling price or

114F/114M

Value/Net Capital Gains

 

 

 

the current fair market value as determined in

 

 

 

 

 

 

 

 

accordance with Section (6) of the tax code, whichever

 

 

 

 

 

 

 

 

is higher.

114E/114L

Final Tax Withheld/Paid

 

 

 

Indicate the amount of final tax withheld/paid (6%

114G/114N

 

 

 

 

 

 

 

capital gains tax based on the selling price or the zonal

 

 

 

 

 

 

 

 

value whichever is higher).

 

 

 

 

115

Sale/Exchange of Shares of Stocks

 

Refers to the net capital gains realized during the

 

 

 

 

 

 

 

 

taxable year from the sale, barter, exchange or other

 

 

 

 

 

 

 

 

disposition of shares of stock in a domestic corporation,

 

 

 

 

 

 

 

 

except shares sold, or disposed of through the PSE.

115A/115J

Kind of Stocks

 

 

 

 

Indicate whether it is a common or preferred or

 

 

 

 

 

 

 

 

treasury stock.

115B/115K

Stock Certificate Series Number

 

Indicate the Stock Certificate Series.

115C/115L

Certificate

Authorizing

Registration

Indicate the CAR number issued by the BIR who has

 

(CAR) Number

 

 

 

 

jurisdiction over the seller of the stock certificate.

115D/115M

Number of Shares

 

 

 

Indicate the number of Shares sold by a corporation.

115E/115N

Date of Issue (MM/DD/YYYY)

 

 

Indicate the date of the issuance of the shares of stock

 

 

 

 

 

 

 

 

sold by a corporation.

115F/115O

Actual

 

Amount/Fair

 

Market

Indicate the actual amount of cash paid by the buyer

115H/115Q

Value/Net Capital Gains

 

 

 

while the FMV is the book value of the shares of stock

Page 18 of 22

 

 

 

 

 

at the time of sale using the latest FS of the

 

 

 

 

 

corporation.

115G/115P

Final Tax Withheld/Paid

 

Indicate the amount of final tax withheld/paid.

115I/115R

 

 

 

 

 

116

Other Income Subject to Final Tax

Refers to the income that cannot be classified as

 

Under Sec. 57(A) of the Tax Code,

cash/property dividend, interest on deposit substitute,

 

as amended (specify)

 

royalty, prize or winning that fall as Other Income

 

 

 

 

 

subject to Final Tax under Section 57(A). Example:

 

 

 

 

 

Director’s Fee.

116A

Description

 

 

 

Indicate the nature of income.

116B116D

Actual

Amount/Fair

Market

Indicate the actual amount of the income received.

 

Value/Net Capital Gains

 

 

116C/116E

Final Tax Withheld/Paid

 

Indicate the final tax withheld/paid.

 

 

 

117

Total Final Tax Withheld/Paid

Write the total final tax withheld/paid by adding Items

 

 

 

 

 

108B-113B, 114E, 114L, 115G, 115P and 116C/ 108E,

117A

Taxpayer/Filer

 

 

109D-113D, 114G, 114N, 115I, 115R and 116E.

117B

Spouse

 

 

 

 

 

 

 

Gross Income/Receipts Exempt from Income Tax

 

118

Proceeds of Life Insurance Policy

Refers to the proceeds of life insurance policies paid to

 

 

 

 

 

the heirs or beneficiaries upon the death of the insured,

 

 

 

 

 

whether in a single sum or otherwise.

 

Actual Amount/Fair Market Value

 

 

Taxpayer/Filer

 

 

 

 

Spouse

 

 

 

Indicate the actual amount received, as legal heirs or

118A

 

 

 

 

beneficiaries, from the Insurance Company based on

118B

 

 

 

 

the Life Insurance

 

 

 

 

119

Return of Premium

 

Refers to the amount received by the insured, as a

 

 

 

 

 

return premiums paid by him under life insurance,

 

 

 

 

 

endowment, or annuity contracts, either during the term

 

 

 

 

 

or at the maturity of the term mentioned in the contract

 

 

 

 

 

or upon surrender of the contract.

119A

Actual Amount/Fair Market Value

Indicate the actual amount received as a return of

119B

Taxpayer/Filer

 

 

premium paid under the life insurance.

 

Spouse

 

 

 

 

 

 

 

 

 

 

120

Retirement

 

Benefits,

Pensions,

Refers to the retirement benefits received under RA

 

Gratuities, etc.

 

 

7641 or from the reasonable private benefit plan

 

 

 

 

 

maintained by the employer; any amount received from

 

 

 

 

 

the employer as a consequence of separation from the

 

 

 

 

 

service because of death, sickness or other physical

 

 

 

 

 

disability or for any cause beyond the control of the

 

 

 

 

 

official/employee; benefits received from SSS or GSIS;

 

 

 

 

 

benefits due or to become due to any person residing

 

 

 

 

 

in the Philippines under the laws of the United States

 

 

 

 

 

administered by the US Veterans Administration.

 

Actual Amount/Fair Market Value

Indicate the actual amount received from retirement

120A

Taxpayer/Filer

 

 

benefits, pension and gratuities.

120B

Spouse

 

 

 

 

 

 

 

 

 

121

Personal/Real

Properties

Received

Refers to the property acquired by gift, bequest, devise,

 

thru Gifts, Bequests, and Devises

or descent.

 

 

 

 

 

 

Page 19 of 22

121A

Description of Property

Indicate whether the property is a land, building and

 

 

improvement, condominium, car or cash

121B

Mode of Transfer

Indicate the mode of transfer either through donation or

 

 

inheritance.

121C

Certificate Authorizing Registration

Indicate the CAR number issued by the BIR who has

 

(CAR) Number

jurisdiction over the real/personal property.

 

Actual Amount/Fair Market Value

Indicate the actual amount received by the donee in the

121D

Taxpayer/Filer

case of gift and legal heirs in cases of bequests and

121E

Spouse

devises, or the FMV/ book value of the shares of stock

 

 

at the time of donation using the latest FS of the

 

 

corporation or the zonal valuation of the real property at

 

 

the time of donation or death of the decedent in case of

 

 

bequests and devises.

 

 

 

122

Other Exempt Income/Receipts

Refers to exclusion from Gross Income pursuant to

 

Under Sec. 32 (B) of the Tax Code,

Section 32(B). They are compensation or injuries,

 

as amended (specify)

income exempt under Treaty like the salary of a Filipino

 

 

working in a foreign embassy based in the country.

122A

Description

Indicate the nature of exempt income/receipts.

 

Actual Amount/Fair Market Value

Indicate the amount of income exempt under Treaty

122B

Taxpayer/Filer

like the salary of a Filipino working in a foreign

122C

Spouse

embassy based in the country.

 

 

 

123

Total Income/Receipts Exempt from

Write the Total Income/Receipts Exempt from Income

 

Income Tax

by adding Items 118A-120A, 121D and 122B/ 118B-

 

 

120B, 121E and 122C).

123A

Taxpayer/Filer

 

123B

Spouse

 

 

 

 

(A) Attachments.

(1)Duly accomplished Account Information Form if the taxpayer’s quarterly gross sales/ earnings/receipts do not exceed P150,000.00;

(2) Certificate of independent CPA and audited financial statements if the taxpayer’s quarterly gross sales/receipts/earnings exceed P 150,000.00;

(3)Certificate of Income Tax Withheld on Compensation (BIR Form No. 2316);

(4)Certificate of Income Payments not Subjected to Withholding Tax (BIR Form No. 2304);

(5)Certificate of Creditable Tax Withheld at Source (BIR Form No. 2307) issued by the income payor/s, on which basis the SAWT has been prepared;

(6)Duly approved Tax Debit Memo (TDM) issued by the Bureau to be used for the payment of the tax due, if applicable;

(7)Waiver of husband’s right in favor of wife to claim additional exemptions, if applicable;

(8)Proof of prior year’s excess credits, if applicable;

Page 20 of 22

(9)Proof of foreign tax credits, if applicable;

(10)Proof of payment and copy of previously filed return, if the return being accomplished is an amended return;

(11)Authorization letter, in case the return is filed and signed by a representative on behalf of the taxpayer;

(12)Proof of other payments/credits Waiver of husband in favor of wife to file consolidated income tax return;

(13)Proof of tax payments in the first three (3) quarters;

(14)Summary Alphalist Withholding Agents of Income Payments Subjected to Withholding Tax (SAWT) - A summary list required to be submitted by the taxpayer in cases

where

tax credit is being claimed on the return. This summary

list contains among

others,

total

amounts of income/gross sales/gross receipts

and claimed tax credits

taken from all the Certificates of Creditable Withholding Tax at Source (BIR

Form No.

2307)

issued

by the payors/withholding agents of the income.

This summary

list must

contain

all the

information required and must be submitted in the

format prescribed by

Revenue Regulations No. 2-2006 and Revenue Memorandum Circular No. 3-2006;

(15)Statement of Management’s Responsibility (SMR) for Annual Income Tax Return;

(16)Photocopy of the Tax Credit Certificate against which the TDM is drawn, if applicable;

(17)Schedules of the following which must be part of the notes to the audited Financial Statements:

(a)Sales /Receipts /Fees

 

Nature of Sales

Amount

 

Sales from Goods/Properties

Pxxxx

 

Sales from Services

Xxxx

 

Lease from Properties

Xxxx

 

Fees from GPPs

Xxxx

 

Gross Sales/Receipts/Fees

Pxxx

 

Less : Sales returns and discounts

(xxx)

 

Sales/Receipts/Fees

Pxxxx

(b) Other Taxable Income

 

 

 

 

 

Nature of Non-operating other taxable

Amount

 

income

 

 

Xxxx

Pxxxx

 

 

Xxxx

 

 

Xxxx

 

 

Xxxx

 

Total Other Taxable Income

Pxxx

Page 21 of 22

( c) Cost of Sales (Trading/Manufacturing)

 

 

 

 

 

 

 

Amount

 

Beginning Inventory,

 

 

 

Pxxxx

 

Add : Purchases of Goods

 

 

Xxxx

 

Merchandise Available for Sale

 

 

PXxxx

 

Less : Ending Inventory

 

 

(Xxxx)

 

Cost of

Sales

 

 

 

 

Pxxx

(d) Cost

of Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amount

 

Direct

charges on

salaries,

wages

and

 

 

benefits

 

 

 

 

Pxxx

 

Direct

charges

on

materials,

supplies,

 

 

facilities

 

 

 

 

Xxx

 

Direct

charges, on depreciation

 

Xxx

 

Direct

charges

on rental

 

 

Xx

 

Direct charges

on outside services

 

Xx

 

Direct charges others

 

 

Xx

 

Cost of

Services

 

 

 

Pxxxx

( e) Schedule of Taxes and Licenses

 

 

 

 

 

 

 

Nature of Taxes and Licenses

 

Amount

 

xxxx

 

 

 

 

 

Pxxxx

 

 

 

 

 

 

 

xxx

 

 

 

 

 

 

 

xxx

 

 

 

 

 

 

 

xxx

 

Total Taxes and Licenses

 

 

Pxxxx

( f) Other information prescribed to be disclosed in the Notes to FS.

(B)Deadline for Submission of Attachments. –

(1)

Non-EFPS Taxpayers. - For Non-EFPS taxpayers, these

must submitted at the same

 

time the return is filed.

 

 

 

 

(2)

EFPS Taxpayers. - In the case of those EFPS taxpayers, these attachments must be

 

submitted within fifteen (15) days from the filing of the return. Schedules 15 (a) to (e)

 

shall be submitted

using the e-submission facility of

the Bureau. For those

other

 

attachments required

to be physically

submitted , the same shall be submitted

with

 

the printed copy of the e-filed return

together with the Filing Reference Number in

 

accordance with Revenue Memorandum Order No. 10-06.

 

 

(C) Penalty of Incomplete Submission of Attachments - Failure to submit any of the attachments applicable to the taxpayer shall be imposed with a penalty in the amount/s provided for under the existing revenue issuances for each such failure provided that such failures during the calendar year shall not exceed P25,000 pursuant to Section 250 of the Code, as amended.

Page 22 of 22

How to Edit Bir Form 1701 Online for Free

With the help of the online tool for PDF editing by FormsPal, you're able to fill in or change form 1701 bir download right here and now. Our tool is consistently evolving to present the very best user experience possible, and that is due to our resolve for constant development and listening closely to comments from users. It just takes several basic steps:

Step 1: First of all, access the pdf tool by clicking the "Get Form Button" above on this page.

Step 2: With this state-of-the-art PDF editing tool, you may accomplish more than merely fill out blank form fields. Express yourself and make your forms seem great with custom textual content incorporated, or fine-tune the file's original input to excellence - all that backed up by the capability to insert any pictures and sign the PDF off.

When it comes to blank fields of this particular PDF, here is what you want to do:

1. You have to complete the form 1701 bir download accurately, so pay close attention while filling in the areas including all these blanks:

Tips on how to fill in annual income tax return form stage 1

2. The subsequent step is to fill in all of the following fields: RDO Code, Fill in the Taxpayer, three, and Page of .

annual income tax return form completion process outlined (portion 2)

3. Completing Taxpayers Name Last Name First, LotBlockPhaseHouseBuilding, Number, Street Name SubdivisionVillage, Gender Sex O Male O Female, office is registered For example , the name of, individual, the, Write the registered address of, and Write the taxpayers date of birth is essential for the next step, make sure to fill them out in their entirety. Don't miss any details!

Part # 3 for filling in annual income tax return form

4. Filling out Civil Status O Single O Married O, Email address, Line of Business, Write the taxpayers date of birth, is a need, is engaged, there, in as, indicated, and Page of is key in this fourth part - you'll want to be patient and take a close look at each and every empty field!

there, Page  of , and Line of Business of annual income tax return form

It's very easy to make a mistake while filling out the there, for that reason ensure that you reread it before you'll send it in.

5. To wrap up your document, the last part involves several extra blanks. Entering Alphanumeric Numeric Code ATC II , A to J NIRC, O Optional Standard Deduction, OSD of Gross Sales, Claiming for Additional Exemption, Mark the applicable circle with an, Mark the applicable circle with an, optional, itemized, and Mark the circle Yes with an X if should wrap up the process and you're going to be done before you know it!

annual income tax return form completion process shown (part 5)

Step 3: When you've reread the details in the file's blanks, just click "Done" to finalize your form. Download the form 1701 bir download once you join for a 7-day free trial. Conveniently access the pdf document from your FormsPal cabinet, with any edits and changes being all saved! When using FormsPal, you can fill out forms without being concerned about database incidents or entries getting distributed. Our secure platform makes sure that your personal data is kept safe.