Accomplishing An Annual Income Tax Return Correctly
1,000-peso penalty awaits those who failed to file and supply correct information in their respective BIR Form 1700, 1701 and 1701A. In this video, ETM discussed the 8 types of annual income tax return and their possible combinations. The full and complete ways of filling-up and accomplishing 1700, 1701, 1701A, 2316 and 2307 are available and accessible in his website EmelinoTMaestro.com for a certain fee. Same your money from the unwanted BIR penalty and confirm if the ways you performed in filling up or accomplishing your own annual income tax returns are truly correct and can withstand the scrutiny of a BIR employee. Thanks for sharing this information to others.
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Annual Income Tax Return for Individuals Earning Purely Compensation Income (Including Non-Business/Non-Profession Income)
The 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 Two hundred fifty thousand pesos (P250,000).
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 sole income has been subjected to final withholding tax pursuant to Section 57(A) of the Code; and
4. A minimum wage earner as defined in Section 22 (HH) of the Code or an individual who is exempt from income tax pursuant to the provisions of the Code and other laws, general or special
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.
Annual Income Tax Return for Individuals Earning Income PURELY from Business/Profession (Those under the graduated income tax rates with OSD as mode of deduction OR those who opted to avail of the 8% flat income tax rate)
The return shall be filed by individuals earning income PURELY from trade/business or from the practice of profession, to wit:
1. A resident citizen (within and without the Philippines);
2. A resident alien, non-resident citizen or non-resident alien (within the Philippines).
The return shall only be used by said individuals as follows:
A. Those subject to graduated income tax rates and availed of the optional standard deduction as method of deduction, regardless of the amount of sales/receipts and other non-operating income; OR
B. Those who availed of the 8% flat income tax rate whose sales/receipts and other non-operating income do not exceed P3M