BIR Form No. 1700 – Annual Income Tax Return for Individuals Earning Purely Compensation Income (Including Non-Business/Non-Profession Income)
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Description
This return shall be filed by every resident citizen deriving compensation income from all sources, or resident alien and non-resident citizen with respect to compensation income from within the Philippines, except the following:
1. An individual whose gross compensation income does not exceed his total personal and additional exemptions.
2. 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.
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).
4. 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. 1701 – Annual Income Tax Return for Self-Employed Individuals, Estates and Trusts
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Description
BIR Form No. 1701 shall be filed by individuals who are engaged in trade/business or the practice of profession including those with mixed income (i.e., those engaged in the trade/business or profession who are also earning compensation income) 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 return shall be filed by the following individuals regardless of amount of gross income:
1. A resident citizen engaged in trade, business, or practice of profession within and without the Philippines.
2. A resident alien, non-resident citizen or non-resident alien individual engaged in trade, business or practice of profession within the Philippines.
3. A trustee of a trust, guardian of a minor, executor/administrator of an estate, or any person acting in any fiduciary capacity for any person, where such trust, estate, minor, or person is engaged in trade or business.
4. An individual engaged in trade or business or in the exercise of their profession and receiving compensation income as well.
Filing Date
This return is filed on or before April 15 of each year covering income for the preceding taxable year.
BIR Form No. 1702-RT – Annual Income Tax Return for Corporation, Partnership and Other Non-Individual Taxpayer Subject Only to REGULAR Income Tax Rate
Description
This return shall be filed by Corporation, Partnership and other Non-Individual Taxpayer Subject Only to REGULAR Income Tax Rate of 30%. Every corporation, partnership no matter how created or organized, joint stock companies, joint accounts, associations (except foreign corporation not engaged in trade or business in the Philippines and joint venture or consortium formed for the purpose of undertaking construction projects or engaging in petroleum, coal, geothermal and other energy operations), government-owned or controlled corporations, agencies and instrumentalities shall render a true and accurate income tax return in accordance with the provisions of the Tax Code.
Filing Date
This return is filed, with or without payment, on or before the 15th day of the 4th month following close of the taxpayer’s taxable year.
BIR Form No. 1702-EX – Annual Income Tax Return for Use ONLY by Corporation, Partnership and Other Non-Individual Taxpayer EXEMPT under the Tax Code, as Amended, {Sec. 30 and those exempted in Sec. 27(C) and Other Special Laws, with NO Other Taxable Income
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Description
This return shall be filed by a Corporation, Partnership and Other Non-Individual Taxpayer EXEMPT under the Tax Code, as amended [Sec. 30 and those exempted in Sec. 27(C)] and other Special Laws WITH NO OTHER TAXABLE INCOME such as but not limited to foundations, cooperatives, charitable institutions, non-stock and non-profit educational institutions, General Professional Partnership (GPP) etc.
Filing Date
This return is filed on or before the 15th day of the 4th month following the close of the taxpayer’s taxable year.
BIR Form No. 1702-MX – Annual Income Tax Return for Corporation, Partnership and Other Non-Individual with MIXED Income Subject to Multiple Income Tax Rates or with Income Subject to SPECIAL/PREFERENTIAL RATE
Description
This return shall be filed by every Corporation, Partnership and Other Non-Individual Taxpayer with MIXED Income subject to MULTIPLE INCOME TAX RATES or with income subject to SPECIAL/PREFERENTIAL RATE.
Filing Date
This return is filed, with or without payment, on or before the 15th day of the 4th month following the close of the taxpayer’s taxable year.
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Source: PICPA FB Member Love Raviegaye Espiritu (Forms)
