Accomplishing BIR Form No. 1701 (2018) Correctly, Under the Single or Sole Regime of Taxation

In this video, ETM discussed the correct way of filling up the new BIR Form No. 1701, under the Single Regime of Taxation, the type of font, size of font, colour of ballpen or ink to be used and the spacing for the Background Information of the Tax Filer and his/her Spouse were generously presented. The next video will cater to the proper accomplishment of taxable income and computation of income tax. Please share to your Facebook account or email to your friends and family members. Thanks for sharing this again.
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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

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 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.