Bir Form 1702-rt Download

BIR form 1702-RT, or also known as Annual Income Tax Return for Corporation, Partnership and Other Non-Individual Taxpayer Subject Only to REGULAR Income Tax Rate is a tax form which is filed by non-individual taxpayers whose earnings are subject to income tax rate of 30%.

Returns like 1702RT needs to be filed by corporation, partnership and other forms of non-individual entities which involves construction projects, petroleum and other energy operations in accordance with the provisions listed within the tax code.

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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:

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;

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.

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.

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

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.

Annual Income Tax Return For 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

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.

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

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.

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.

This return shall be filed quarterly by every corporation, partnership, 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.

The corporate quarterly income tax return shall be filed with or without payment within sixty (60) days following the close of each of the first three (3) quarters of the taxable year whether calendar or fiscal year.

This return shall be filed by all persons (natural or juridical) whether resident or non-resident, including Estates and Trusts, who sells, exchanges, or disposes of a real property located in the Philippines classified as capital asset as defined under Sec. 39 (A)(1) of RA 8424 for the purpose of securing a Tax Clearance Certificate to effect transfer of ownership (title) of the property from the seller to the buyer.

This return shall be filed by a natural or juridical person, resident or non-resident, who is not exempt under existing laws for the sale, barter, exchange or other onerous disposition intended to transfer ownership of shares of stocks in domestic corporation classified as capital assets, not traded through the local stock exchange.

This return shall be filed by every natural or juridical person, resident or non-resident, who is not exempt under existing laws for sale, barter, exchange or other disposition of shares of stock in a domestic corporation, classified as capital assets, not traded through the local stock exchange.

- For corporate taxpayers, this form shall be filed on or before the fifteenth (15th) day of the fourth (4th) month following the close of the taxable year covering all transactions of the preceding taxable year.

Enter your TIN and Registered Nameat the top of this page and in all succeeding pages. Therequirement for entering centavos on the ITR has been eliminated.If the amount of centavos is 49 or less, drop down the centavos(e.g. P 100.49 = P 100.00). If the amount is 50 centavos or more,round up to the next peso (e.g. P 100.50 = P 101.00).

A surcharge of fifty percent (50%) of the tax or ofthe deficiency tax shall be imposed in case of willfulneglect to file the return within the period prescribed by the Tax Code and/or by rules and regulations or in case a false or fraudulent return is filed.

Item 48: Interest at the rate of twenty percent (20%)per annum, or such higher rate as may beprescribed by the rules and regulations, on any unpaidamount of tax, from the date prescribed for the payment untilit is fully paid.

Schedules 4 Ordinary Allowable Itemized Deductions: Thereshall be allowed as deduction from gross income all the ordinaryand necessary trade and business expenses paid or incurred duringthe taxable year in carrying on or which are directlyattributable to the development, management, operation and/orconduct of the trade and business. Itemized deduction includesalso interest, taxes, losses, bad debts, depreciation, depletion,charitable and other contributions, research and development andpension trust.

Schedules 5 Special Allowable Itemized Deductions: Theserefer to special allowable deductions from gross income incomputing taxable income, in addition to the regular allowableitemized deduction, as provided under the existing regular andspecial laws, rles and issuances such as, but not limited to,Rooming-in and Breast-feeding Practices under R.A. 7600,Adopt-A-School Program under R.A. 8525, Free Legal Assistanceunder R.A. 9999.

Schedules 6 Computation of Net Operating Loss Carry Over (NOLCO): Detailing the computation of available NOLCO (applied, unapplied and expired portion). Only net operating losses incurred by the qualified taxpayer may be carried over to the next three (3) immediately succeeding taxable yearsfollowing the year of such loss.

Schedules 8 Computation of Minimum Corporate Income Tax (MCIT):MCIT of two percent (2%) of the gross income is imposed upon any domestic corporation and resident foreign corporation beginning on thefourth (4th) taxable year (whether calendar or fiscal year, depending on the accounting period employed) immediately followingthe taxable year in which such corporation commenced its businessoperation. The MCIT shall be imposed whenever the corporation haszero or negative taxable income or whenever the amount of minimumcorporate income tax is greater than the normal income tax duefrom such corporation. Any excess of the MCIT over the normal income tax shall be carried forward and credited against the normalincome tax for the three (3) immediate succeeding taxable years.The computation and the payment of MCIT shall apply each time a corporate income tax return is filed, whether quarterly or 152ee80cbc

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