Bir Form 1702 Rt – Fill Out and Use This PDF

The BIR Form No. 1702-RT, known as the Annual Income Tax Return for Corporation, Partnership, and Other Non-Individual Taxpayer Subject Only to REGULAR Income Tax Rate, is a crucial document filed with the Philippines' Bureau of Internal Revenue (BIR). It applies to entities not subject to special or preferential tax rates, detailing their revenue, allowable deductions, and the tax due based on the regular income tax rate for a specific fiscal or calendar year. Entities are required to enter all pertinent information in capital letters and ensure the form is properly filled out to comply with tax regulations. Click the button below to learn more about accurately completing and submitting this form.

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Bir Form 1702 Rt PDF Details

In navigating the complexities of corporate taxation, the BIR Form No. 1702-RT emerges as a pivotal document for corporations, partnerships, and other non-individual entities operating within the Philippines. Enacted in June 2013, this annual income tax return form serves as a comprehensive tool for entities that are exclusively subject to the regular income tax rate, delineating a structured avenue for reporting annual revenues, deductions, and taxable income effectively. It requires meticulous completion, including information such as taxpayer identification number, registration details, and the method of deductions—whether itemized or opting for the optional standard deduction. Furthermore, the form outlines the procedure for calculating both the net tax payable and any overpayments, the latter of which can be directed towards refunds, tax credit certificates, or carried over as a credit for future tax periods. The inclusion of schedules for elaborating on sales, cost of sales/services, and other taxable income not subjected to final tax, alongside itemized deductions and net operating loss carryovers, underscores the form's role in ensuring transparency and accuracy in the fulfillment of tax obligations. By mandating the submission of two copies to the BIR while retaining one, the process guarantees both compliance with the nation's tax regulatory framework and facilitates a smoother audit and review process. The form’s design, emphasizing clarity and comprehensiveness, underscores the government's commitment to efficient tax administration and the importance of an organized approach to corporate financial reporting.

Question	Answer
Form Name	Bir Form 1702 Rt
Form Length	8 pages
Fillable?	No
Fillable fields	0
Avg. time to fill out	2 min
Other names	1702 bir form, bir form 1702q, bir form 1702 annual income tax return, form 1702 rt

Form Preview Example

For BIR Use Only

BCS/ Item

1702-RT06/13P1

	Annual Income Tax Return	BIR Form No.

Republika ng Pilipinas	For Corporation, Partnership and Other Non-Individual	1702-RT
Kagawaran ng Pananalapi

Kawanihan ng Rentas	Taxpayer Subject Only to REGULAR Income Tax Rate	June 2013
Internas	Enter all required information in CAPITAL LETTERS. Mark applicable boxes with an “X”.
		Page 1
	Two copies MUST be filed with the BIR and one held by the taxpayer.

1 For	Calendar	Fiscal	3 Amended Return?		4 Short Period Return? 5 Alphanumeric Tax Code (ATC)
2 Year Ended (MM/20YY)						IC 055	Minimum Corporate Income Tax (MCIT)
2 Year Ended (MM/20YY)			Yes	No	Yes	No
	/20		Yes	No	Yes	No
	/20

Part I – Background Information

			-	-	-	0	0	0	0
										7 RDO Code
6 Taxpayer Identification Number (TIN	)


											/	/
8 Date of Incorporation/Organization		(MM/DD/YYYY)
8 Date of Incorporation/Organization		(MM/DD/YYYY)

9 Registered Name (Enter only 1 letter per box using CAPITAL LETTERS)

10 Registered Address (Indicate complete registered address)

11 Contact Number

12 Email Address

13 Main Line of Business

14 PSIC Code

15 Method of Deductions

ITEMIZED DEDUCTIONS [SECTIONS 34 (A-J), NIRC]

Optional Standard Deduction(OSD) – 40%of Gross Income [Section 34(L), NIRC as amended by RA No.9504]

	Part II – Total Tax Payable	(Do NOT enter Centavos)

16 Total Income Tax Due (Overpayment) (From Part IV Item 44)

17 Less: Total Tax Credits/Payments (From Part IV Item 45)

18 Net Tax Payable (Overpayment) (Item 16 Less Item 17) (From Part IV Item 46)

19 Add: Total Penalties (From Part IV Item 50)

20 TOTAL AMOUNT PAYABLE (Overpayment) (Sum of Item 18 and 19) (From Part IV Item 51)

21 If Overpayment, mark “X” one box only (Once the choice is made, the same is irrevocable)


To be refunded	To be issued a Tax Credit Certificate (TCC)	To be carried over as a tax credit for next year/quarter

We declare under the penalties of perjury, that this annual return has been made in good faith, verified by us, and to the best of our 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. (If Authorized Representative, attach authorization letter and indicate TIN)

Signature over printed name of President/Principal Officer/ Authorized Representative

Signature over printed name of Treasurer/ Assistant Treasurer

Title of Signatory

Number of pages filed

2 Community Tax Certificate

23 Date of Issue

(CTC) Number/SEC Reg. No

(MM/DD/YYYY

)

24 Place of Issue

5 Amount, if CTC

Part III – Details of Payment

Details of Payment

Drawee Bank/ Agency

Number

Date (MM/DD/YYYY)

Amount

26 Cash/Bank Debit Memo

27 Check

28 Tax Debit Memo

29 Others (Specify Below)

Machine Validation/Revenue Official Receipt Details (if not filed with an Authorized Agent Bank)

Stamp of receiving Office/AAB and Date of

Receipt (RO’s Signature/Bank Teller’s Initial)

	Annual Income Tax Return	BIR Form No.
	Annual Income Tax Return	1702-RT
	Page 2	1702-RT
	Page 2	June 2013
		June 2013

Taxpayer Identification Number (TIN)					Registered Name
	0	0	0	0
	0	0	0	0

1702-RT06/13P2

Part IV -

Computation of Tax

(Do NOT enter Centavos)

30 Net Sales/Revenues/Receipts/Fees (From Schedule 1 Item 6)

31 Less: Cost of Sales/Services (From Schedule 2 Item 27)

32 Gross Income from Operation (Item 30 Less Item 31)

33 Add: Other Taxable Income Not Subjected to Final Tax (From Schedule 3 Item 4)

34 Total Gross Income (Sum of Items 32 & 33)

	Less: Deductions Allowable under Existing Law
35	Ordinary Allowable Itemized Deductions
	(From Schedule 4 Item 40)

Special Allowable Itemized Deductions

(From Schedule 5 Item 5)

37NOLCO (only for those taxable under Sec. 27(A to C); Sec. 28(A)(1)

(A)(6)(b) of the Tax Code (From Schedule 6A Item 8D)

38 Total Itemized Deductions (Sum of Items 35 to 37)

OR [in case taxable under Sec 27(A) & 28(A)(1)]

39Optional Standard Deduction (40% of Item 34)

40 Net Taxable Income (Item 34 Less Item 38 OR Item 39)

41 Income Tax Rate

30.0%

42 Income Tax Due other than MCIT (Item 40 x Item 41)

43 Minimum Corporate Income Tax (MCIT) (2% of Gross Income in Item 34)

44 Total Income Tax Due (Normal Income Tax in Item 42 or MCIT in Item 43, whichever is higher) (To Part II Item 16)

45 Less: Total Tax Credits/Payments (From Schedule 7 Item 12)

(To Part II Item 17)

Net Tax Payable (Overpayment) (Item 44 Less Item 45)

(To Part II Item 18)

Add Penalties

Surcharge

Interest

Compromise

Total Penalties (Sum of Items 47 to 49) (To Part II Item 19)

Total Amount Payable (Overpayment) (Sum Item 46 & 50)

(To Part II Item 20)

Part V -

Tax Relief Availment

(Do NOT enter Centavos)

52 Special Allowable Itemized Deductions (30% of Item 36)

53 Add: Special Tax Credits (From Schedule 7 Item 9)

54 Total Tax Relief Availment (Sum of Items 52 & 53)

Part VI - Information - External Auditor/Accredited Tax Agent

55 Name of External Auditor/Accredited Tax Agent

56 TIN

57 Name of Signing Partner (If External Auditor is a Partnership)

				58 TIN
59 BIR Accreditation No.			60 Issue Date (MM/DD/YYYY)		61 Expiry Date (MM/DD/YYYY)
-	-	-	/	/	/	/

Annual Income Tax Return								BIR Form No.
Annual Income Tax Return							1702-RT
	Page 3 - Schedules 1 & 2							June 2013
								June 2013
Taxpayer Identification Number (TIN)						Registered Name
		0	0	0	0
		0	0	0	0

1702-RT06/013P3

Schedule 1 - Sales/Revenues/Receipts/Fees (Attach additional sheet/s, if necessary)

1 Sale of Goods/Properties

2 Sale of Services

3 Lease of Properties

4 Total (Sum of Items 1 to 3)

5 Less: Sales Returns, Allowances and Discounts

6 Net Sales/Revenues/Receipts/Fees (Item 4 Less Item 5) (To Part IV Item 30)

Schedule 2 - Cost of Sales (Attach additional sheet/s, if necessary)

Schedule 2A - Cost of Sales (For those Engaged in Trading)

1 Merchandise Inventory - Beginning

2 Add: Purchases of Merchandise

3 Total Goods Available for Sale (Sum of Items 1 & 2)

4 Less: Merchandise Inventory, Ending

5 Cost of Sales (Item 3 Less Item 4) (To Schedule 2 Item 27 )

Schedule 2B - Cost of Sales (For those Engaged in Manufacturing)

6 Direct Materials, Beginning

7 Add: Purchases of Direct Materials

8 Materials Available for Use (Sum of Items 6 & 7)

9 Less: Direct Materials, Ending

10 Raw Materials Used (Item 8 Less Item 9)

11 Direct Labor

12 Manufacturing Overhead

13 Total Manufacturing Cost (Sum of Items 10, 11 & 12)

14 Add: Work in Process, Beginning

15 Less: Work in Process, Ending

16 Cost of Goods Manufactured (Sum of Items 13 & 14 Less Item 15)

17 Finished Goods, Beginning

18 Less: Finished Goods, Ending

19 Cost of Goods Manufactured and Sold (Sum of Items 16 & 17 Less Item 18) (To Sched. 2 Item 27)

Schedule 2C - Cost of Services

(For those engaged in Services, indicate only those directly incurred or related to the gross revenue from rendition of services)

20 Direct Charges - Salaries, Wages and Benefits

21 Direct Charges - Materials, Supplies and Facilities

22 Direct Charges - Depreciation

23 Direct Charges - Rental

24 Direct Charges - Outside Services

25 Direct Charges - Others

26 Total Cost of Services (Sum of Items 20 to 25) (To Item 27)

27 Total Cost of Sales/Services (SumofItems 5, 19& 26, if applicable) (To Part IV Item31)

	Annual Income Tax Return	BIR Form No.
	Annual Income Tax Return	1702-RT
	Page 4 - Schedules 3 & 4	1702-RT
	Page 4 - Schedules 3 & 4	June 2013
		June 2013

Taxpayer Identification Number (TIN)					Registered Name
	0	0	0	0

1702-RT06/13P4

Schedule 3 - Other Taxable Income Not Subjected to Final Tax (Attach additional sheet/s, if necessary)

4 Total Other Taxable Income Not Subjected to Final Tax (Sumof Items 1to 3) (To Part IV Item 33)

Schedule 4 - Ordinary Allowable Itemized Deductions (Attach additional sheet/s, if necessary)

1 Advertising and Promotions

Amortizations (Specify on Items 2, 3 & 4)

5 Bad Debts

6 Charitable Contributions

7 Commissions

8 Communication, Light and Water

9 Depletion

10 Depreciation

11 Director's Fees

12 Fringe Benefits

13 Fuel and Oil

14 Insurance

15 Interest

16 Janitorial and Messengerial Services

17 Losses

18 Management and Consultancy Fee

19 Miscellaneous

20 Office Supplies

21 Other Services

22 Professional Fees

23 Rental

24 Repairs and Maintenance - (Labor or Labor & Materials)

25 Repairs and Maintenance - (Materials/Supplies)

26 Representation and Entertainment

27 Research and Development

28 Royalties

29 Salaries and Allowances

	Annual Income Tax Return	BIR Form No.
	Annual Income Tax Return	1702-RT
	Page 5 - Schedules 4, 5 & 6	1702-RT
	Page 5 - Schedules 4, 5 & 6	June 2013
		June 2013

Taxpayer Identification Number (TIN)					Registered Name
	0	0	0	0
	0	0	0	0

1702-RT06/13P5

Schedule 4 - Ordinary Allowable Itemized Deductions (Continued from Previous Page)

30 Security Services

31 SSS, GSIS, Philhealth, HDMF and Other Contributions

32 Taxes and Licenses

33 Tolling Fees

34 Training and Seminars

35 Transportation and Travel

Others [Specify below; Add additional sheet(s), if necessary]

40 Total Ordinary Allowable Itemized Deductions (Sum of Items 1 to 39) (To Part IV Item 35)

Schedule 5 - Special Allowable Itemized Deductions (Attach additional sheet/s, if necessary)

Description

Legal Basis

Amount

5 Total Special Allowable Itemized Deductions (Sum of Items 1 to 4)

(To Part IV Item 36)

Schedule 6 - Computation of Net Operating Loss Carry Over (NOLCO)

1 Gross Income (From Part IV Item 34)

2 Less: Total Deductions Exclusive of NOLCO & Deduction Under Special Law

3 Net Operating Loss (To Schedule 6A)

Schedule 6A - Computation of Available Net Operating Loss Carry Over (NOLCO)

	Net Operating Loss


Year Incurred		A) Amount
Year Incurred		A) Amount

B) NOLCO Applied Previous Year

Continuation of Schedule 6A (Item numbers continue from table above)

	C) NOLCO Expired		D) NOLCO Applied Current Year	E) Net Operating Loss (Unapplied)
4
5
6
7
8	Total NOLCO	(ToPartIVItem37)
	(SumofItems4Dto7D)	(ToPartIVItem37)

	Annual Income Tax Return	BIR Form No.
	Annual Income Tax Return	1702-RT
	Page 6 - Schedules 7, 8 & 9	1702-RT
	Page 6 - Schedules 7, 8 & 9	June 2013
		June 2013

Taxpayer Identification Number (TIN)					Registered Name
	0	0	0	0

1702-RT06/13P6

Schedule 7 - Tax Credits/Payments (attach proof) (Attach additional sheet/s, if necessary)

1 Prior Year's Excess Credits Other Than MCIT

2 Income Tax Payment under MCIT from Previous Quarter/s

3 Income Tax Payment under Regular/Normal Rate from Previous Quarter/s

4 Excess MCIT Applied this Current Taxable Year (From Schedule 8 Item 4F)

5 Creditable Tax Withheld from Previous Quarter/s per BIR Form No. 2307

6 Creditable Tax Withheld per BIR Form No. 2307 for the 4th Quarter

7 Foreign Tax Credits, if applicable

8 Tax Paid in Return Previously Filed, if this is an Amended Return

9 Special Tax Credits (To Part V Item 53)

Other Credits/Payments (Specify)

10
11
12 Total Tax Credits/Payments (Sum of Items 1 to 11) (To Part IV Item 45)
	Schedule 8 - Computation of Minimum Corporate Income Tax (MCIT)
Year	A) Normal Income Tax as Adjusted	B) MCIT	C) Excess MCIT over Normal Income Tax

Continuation of Schedule 8 (Line numbers continue from table above)

D) Excess MCIT Applied/Used

E) Expired Portion of

F) Excess MCIT Applied

G) Balance of Excess MCIT Allowable as

for Previous Years

Excess MCIT

this Current Taxable Year

Tax Credit for Succeeding Year/s

Total Excess MCIT (Sum of Column for Items 1F to 3F) (To Schedule 7 Item 4)

Schedule 9 - Reconciliation of Net Income per Books Against Taxable Income (Attach additional sheet/s, if necessary)

1 Net Income/(Loss) per books

Add: Non-deductible Expenses/Taxable Other Income

4 Total (Sum of Items 1 to 3)

Less: A) Non-taxable Income and Income Subjected to Final Tax

B) Special Deductions

7
8
9	Total (Sum of Items 5 to 8)

10 Net Taxable Income (Loss) (Item 4 Less Item 9)

Annual Income Tax Return

BIR Form No.

1702-RT

Page 7 - Schedules 10 & 11

June 2013

1702-RT06/13P7

Taxpayer Identification Number (TIN)

Registered Name

Schedule 10 - BALANCE SHEET

Assets

1 Current Assets

2 Long-Term Investment

3 Property, Plant and Equipment – Net

4 Long-Term Receivables

5 Intangible Assets

6 Other Assets

7 Total Assets (Sum of Items 1 to 6)

Liabilities and Equity

8 Current Liabilities

9 Long-Term Liabilities

10 Deferred Credits

11 Other Liabilities

12 Total Liabilities (Sum of Items 8 to 11)

13 Capital Stock

14 Additional Paid-in Capital

15 Retained Earnings

16 Total Equity (Sum of Items 13 to 15)

17 Total Liabilities and Equity (Sum of Items 12 & 16)

Schedule 11 –		Stockholders		Partners		Members Information (Top 20 stockholders, partners or members)

(On column 3 enter the amount of capital contribution and on the last column enter the percentage this represents on the entire ownership.)

REGISTERED NAME

TIN

Capital Contribution

% to

Total

Annual Income Tax Return

Page 8 - Schedules 12 & 13

BIR Form No.

1702-RT

June 2013

1702-RT06/13P8

Taxpayer Identification Number (TIN)

Registered Name

Schedule 12 - Supplemental Information (Attach additional sheet/s, if necessary)

I) Gross Income/ Receipt

B) Actual Amount/Fair Market

A) Exempt

C) Final Tax Withheld/Paid

Subjected to Final

Value/Net Capital Gains

Withholding

1 Interests

2 Royalties

3 Dividends

4 Prizes and Winnings

II) Sale/Exchange of Real Properties

A) Sale/Exchange #1

B) Sale/Exchange #2

5 Description of Property (e.g., land, improvement, etc.)

6 OCT/TCT/CCT/Tax Declaration No.

7 Certificate Authorizing Registration (CAR) No.

8 Actual Amount/Fair Market Value/Net Capital Gains

9 Final Tax Withheld/Paid

III) Sale/Exchange of Shares of Stock

A) Sale/Exchange #3

B) Sale/Exchange #4

10 Kind (PS/CS) / Stock Certificate Series No.

11 Certificate Authorizing Registration (CAR) No.

12 Number of Shares

13 Date of Issue (MM/DD/YYYY)

14 Actual Amount/Fair Market Value/Net Capital Gains

15 Final Tax Withheld/Paid

IV) Other Income (Specify)

A) Other Income #1

B) Other Income #2

16 Other Income Subject to Final Tax Under Sections

57(A)/127/others of the Tax Code, as amended

(Specify)

17 Actual Amount/Fair Market Value/Net Capital Gains

18 Final Tax Withheld/Paid

19 Total Final Tax Withheld/Paid (Sum of Items 1C to 4C, 9A,9B,15A,15B,18A &18B)

Schedule 13- Gross Income/Receipts Exempt from Income Tax

1 Return of Premium (Actual Amount/Fair Market Value)

I) Personal/Real Properties Received

A) Personal/Real Properties #1

B) Personal/Real Properties #2

thru Gifts, Bequests, and Devises

2 Description of Property (e.g., land, improvement, etc.)

3 Mode of Transfer (e.g. Donation)

4 Certificate Authorizing Registration (CAR) No.

5 Actual Amount/Fair Market Value

II) Other Exempt Income/Receipts

A) Other Exempt Income #1

B) Other Exempt Income #2

6 Other Exempt Income/Receipts Under

Sec. 32 (B) of the Tax Code, as amended (Specify)

7 Actual Amount/Fair Market Value/Net Capital Gains

8 Total Income/Receipts Exempt from Income Tax (Sum of Items 1, 5A, 5B, 7A & 7B)

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This PDF form will involve specific information; in order to ensure consistency, be sure to heed the suggestions further down:

1. Start filling out the bir 1702 form with a selection of necessary blanks. Collect all of the required information and be sure absolutely nothing is missed!

Step no. 1 for completing bir form 1702q

2. Once your current task is complete, take the next step – fill out all of these fields - Total Income Tax Due Overpayment, Less Total Tax CreditsPayments, Net Tax Payable Overpayment Item , Add Total Penalties From Part IV, TOTAL AMOUNT PAYABLE Overpayment, To be issued a Tax Credit, To be carried over as a tax credit, We declare under the penalties of, Signature over printed name of, Signature over printed name of, Date of Issue MMDDYYYY, Amount if CTC, Amount, Title of Signatory, and Community Tax Certificate CTC with their corresponding information. Make sure to double check that everything has been entered correctly before continuing!

3. The next part is quite easy, Stamp of receiving OfficeAAB and, Others Specify Below, and Machine ValidationRevenue Official - each one of these form fields needs to be filled out here.

The best ways to complete bir form 1702q portion 3

4. Your next paragraph needs your attention in the following places: Taxpayer Identification Number TIN, June Registered Name, Part IV Computation of Tax Do NOT, Net SalesRevenuesReceiptsFees, Less Cost of SalesServices From, Gross Income from Operation Item , Add Other Taxable Income Not, Total Gross Income Sum of Items , Less Deductions Allowable under, Total Itemized Deductions Sum of, OR in case taxable under Sec A A, Optional Standard Deduction of, Net Taxable Income Item Less, Income Tax Rate, and Income Tax Due other than MCIT. Remember to fill in all needed information to move further.

bir form 1702q completion process detailed (part 4)

5. The document has to be wrapped up by going through this segment. Here you'll find a full set of fields that need to be filled out with accurate details in order for your form usage to be complete: Minimum Corporate Income Tax MCIT, Total Income Tax Due Normal, Less Total Tax CreditsPayments, Net Tax Payable Overpayment Item , Add Penalties, Surcharge, Interest, Compromise, Total Penalties Sum of Items to , Total Amount Payable Overpayment, Part V Tax Relief Availment Do, Special Allowable Itemized, Add Special Tax Credits From, Total Tax Relief Availment Sum of, and Part VI Information External.

Always be really mindful while filling out Add Penalties and Add Special Tax Credits From, since this is the part where a lot of people make mistakes.

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