BIR form 1702Q, or also known as
Quarterly Income Tax Return
(For Corporations and Partnerships) is a tax return intended for corporations, partnerships and non-individual taxpayers.
What is ATC in BIR Form 1702Q?
The new BIR Form 1702Q January 2018 version is now available in the EFPS. eFPS-filers shall select the
Alphanumeric Tax Code
(ATC) with the corresponding tax rate to be used (20% or 25%).
Who must file a quarterly tax return?
In summary, you will need to file Form 1701Q if you're earning income outside of employment such as a professional (e.g. freelancer, doctor), a self-employed individual,
a sole proprietor
, or a trustee. If your business is a partnership or corporation, then you will have to file BIR Form 1702Q.
What is the purpose of BIR Form 1701Q?
BIR Form 1701Q, also known as Quarterly Income Tax Return For Self-Employed Individuals, Estates and Trusts (Including those with both Business and Compensation Income) is a
tax return intended for professionals and self-employed individuals who are engaged in a sole proprietorship business
.
What is the difference between 2551Q and 1701Q?
Yes. These two are different reports. 2551Q is for the percentage tax;
1701Q is for the income tax
. The system doesn't accept submissions if the amount is zero.
How is MCIT BIR calculated?
A corporation shall be liable to pay MCIT computed as
2% of gross income
(revenue less cost of sales) if it has negative taxable income, or the MCIT is higher than 30% Regular Corporate Income Tax (RCIT). Note that MCIT applies to corporation on its fourth year of operation after the year of its BIR registration.
Who needs EFPS?
However, certain taxpayers are mandated to file their tax returns via EFPS such as the following:
Large Tax Payers duly notified by the BIR
.
Top 20,000 Private Corporations duly notified by
the BIR. Top 5,000 Individual Taxpayer duly notified by the BIR.
Is paying quarterly taxes mandatory?
The rule is that
you must pay your taxes as you go
. If at filing time, you have not paid enough income taxes through withholding or quarterly estimated payments, you may have to pay a penalty for underpayment. … If so, then you're not required to make estimated tax payments.
How do I know if I need to pay quarterly taxes?
How do I know if I have to file quarterly individual estimated tax payments? Generally, you
must make estimated tax payments for the current tax year
if both of the following apply: You expect to owe at least $1,000 in tax for the current tax year after subtracting your withholding and refundable credits.
Who are exempted from taxes?
Under the new income tax regime announced with Union Budget 2020, around 70 tax deductions and exemptions, including standard deduction, HRA, housing loan interest payments, education loan interest,
expenses incurred on disability of self or dependent
, cost of medical treatment of self or dependent, LTA, investments …
Who are required to file BIR form 1701?
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.
Who needs to file 2551Q?
BIR Form 2551Q, or also known as Quarterly Percentage Tax Return are taxes imposed on
individuals/businesses who sell/lease goods or services which are exempted from Value Added Tax (VAT)
with annual sales not exceeding 3,000,000 PHP.
Who are required to file BIR form 1709?
1709): Large taxpayers; Taxpayers enjoying incentives, i.e. BOI- and PEZA-registered enterprises enjoying Income Tax Holiday or subject to preferential tax rate;
Taxpayers reporting net operating losses for the current taxable year
and immediately preceding two (2) consecutive taxable years; and.
Who are not required to file income tax return in the Philippines?
The following have the option not to file their Income Tax Returns: Those
whose gross income is not more than their total personal and additional exemptions
. Those whose compensation income from one employer is not more than Php60,000, and income tax has been correctly withheld.
What percentage is subject tax?
Percentage tax is a
business tax imposed
on persons, entities, or transactions specified under Sections 116 to 127 of the National Internal Revenue Code of 1997 (also known as Tax Code), as amended, and as required under special laws.
How do I pay quarterly taxes?
You may send estimated tax payments with Form 1040-ES by mail, or you can pay online, by phone or from your mobile device using the IRS2Go app. Visit
IRS.gov/payments
to view all the options. For additional information, refer to Publication 505, Tax Withholding and Estimated Tax.
