For no payment returns, proceed with filing your ITR with the RDO.For those engaged in financial enterprises, gross income shall include interest income, gains from sales and other income net of costs of funds.However, you must first complete appropriate schedules from part X-Mandatory Attachments for ExemptSpecial Tax Regimes per Activity pages1m to 5m, including the schedules - Regular Rate (Schedules 1 to 12B), if applicable.Accomplish as many PART X as there are activitiesprograms per TAX REGIME.
Consolidate the amounts PER TAX REGIME under EXEMPT andor SPECIAL from all of PART X-Mandatory Attachments which shall be reflected in the appropriate items of columns B andor Cfor the Tax filer, and columns F andor G for the spouse, if applicable. Itemized deduction includes also intersest, taxes, losses, bad debts, depreciation, depletion, charitable and other contributions, research and development and pension trust. 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. For the taxpayer subject to regular rate, fill up the non-deductible expenses such as: allowance for bad debts not actually written off, amortization and others which are non-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. Taxpayers must use the newly revised return in filing and paying the quarterly income tax return beginning the first quarter of 2018. Bir Form 1701 Manual Filers MustManual filers must download the PDF version of the return, which is already available in the BIR Forms Income Tax Return section of the BIR website. Bir Form 1701 Offline EBIRForms PackageElectronic BIR Forms (eBIRForms) and Electronic Filing and Payment System (eFPS) filers must use the newly revised return in Offline eBIRForms Package v7.1. The revised return is not yet available in the eFPS. Any income tax due may be paid through the following channels: a. Manual payment via: -Authorized Agent Bank located within the territorial jurisdiction of the revenue district office (RDO) where the taxpayer is registered, or -In the absence of the former, the concerned revenue collection officer, through the electronic mobile revenue collection office system under the jurisdiction of the RDO. Online payment via: -GCash mobile payment, -Land Bank of the Philippines Linkbiz Portal, or -Development Bank of the Philippines Tax Online. If the old return was used in filing and paying the income tax due for the first quarter, the taxpayer is still required to file using the newly revised return. The accomplished newly revised return should be marked as an amended return. Any payment made using the old return should be indicated in Item No. Bir Form 1701 Registration Using BIRTaxpayers must signify their intention to opt for the eight percent income tax rate either by updating their registration using BIR Form No. Q or Item No. 16 in BIR Form No. Q. The election or option will be irrevocable for the taxable year. Grant Thornton refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients andor refers to one or more member firms, as the context requires. Punongbayan Araullo (PA) is a member firm of Grant Thornton International Ltd (GTIL). Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate, one another and are not liable for one anothers acts or omissions.
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