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Last Updated on April 13, 2017 by Marie Bautista
HOW TO FILL UP CORPORATE INCOME TAX RETURNS:
(These guidelines are for corporate taxpayers.For general guidelines on filing your income tax return, go here.
 |
| Guidelines and Instructions will be given along with the ITR |
IMPORTANT:
- Enter all required information in
CAPITAL LETTERS using BLACK Ink. Mark applicable boxes with an “X”. Two copies MUST be filed with the BIR
and one held by the Tax Filer. - Indicate
Taxpayer Identification Number (TIN) and registered name on each page; - For
all questions wherein an appropriate box is provided for a possible
answer, mark the applicable box corresponding to the chosen answer with an
“X”;
• Required information wherein the space provided has
a letter separator, the same must be supplied with CAPITAL LETTERS where each
character (including comma or period) shall occupy one box.
a letter separator, the same must be supplied with CAPITAL LETTERS where each
character (including comma or period) shall occupy one box.
• LEAVE one space
blank for every word.
blank for every word.
• However, if the word is followed by a comma or
period, there is NO NEED to leave blank after the comma or period.
period, there is NO NEED to leave blank after the comma or period.
• Do NOT write “NONE” or make any other marks in the
box/es.
box/es.
•
Required
information wherein the space provided has a letter separator, the same must be
supplied with CAPITAL LETTERS where each character (including comma or period)
shall occupy one box and leave one space blank for every word.
Required
information wherein the space provided has a letter separator, the same must be
supplied with CAPITAL LETTERS where each character (including comma or period)
shall occupy one box and leave one space blank for every word.
•
However,
if the word is followed by a comma or period, there is no need to leave blank
after the comma or period.
However,
if the word is followed by a comma or period, there is no need to leave blank
after the comma or period.
GENERAL GUIDELINES
Fill-up first the
applicable SCHEDULES / TABLES.
applicable SCHEDULES / TABLES.
The amounts in the
applicable SCHEDULES shall be
replicated/transferred to the applicable PART/schedule.
applicable SCHEDULES shall be
replicated/transferred to the applicable PART/schedule.
For Corporation,
Partnership and Other Non-Individual Taxpayer
Partnership and Other Non-Individual Taxpayer
What form to use
1702-RT Corporation, Partnership and other Non-Individual Taxpayer Subject Only to REGULAR Income Tax Rate
1702-EX 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
Tax Code, as amended [Sec.30 and those exempted in Sec. 27(C)] and other
Special Laws, with NO Other Taxable Income
1702-MX For Corporation, Partnership and Other
Non-Individual with MIXED Income Subject to Multiple Income Tax Rates or with
Income Subject to SPECIAL/ PREFERENTIAL RATE
Non-Individual with MIXED Income Subject to Multiple Income Tax Rates or with
Income Subject to SPECIAL/ PREFERENTIAL RATE
Who Shall File BIR Form No. 1702-RT
• This
return shall be filed by Corporation, Partnership and other Non-Individual
Taxpayer Subject Only to REGULAR Income Tax Rate of 30%.
return shall be filed by Corporation, Partnership and other Non-Individual
Taxpayer Subject Only to REGULAR Income Tax Rate of 30%.
• 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.
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.
When and Where to File and Pay
1) For Electronic Filing and Payment System
(eFPS) Taxpayer:
(eFPS) Taxpayer:
The return shall be e-filed and the tax shall be e-paid on or before the
15th day of the fourth month following the close of the taxpayer’s
taxable year using the eFPS facilities thru the BIR website www.bir.gov.ph
15th day of the fourth month following the close of the taxpayer’s
taxable year using the eFPS facilities thru the BIR website www.bir.gov.ph
2) For Non-Electronic Filing and
Payment System (Non-eFPS) Taxpayer:
Payment System (Non-eFPS) Taxpayer:
The return shall be filed and the tax shall be paid on or before the 15th
day of the fourth month following the close of the taxpayer’s taxable year with
any Authorized Agent Bank (AAB) located within the territorial jurisdiction of
the Revenue District Office (RDO) where the taxpayer’s principal office is
registered.
day of the fourth month following the close of the taxpayer’s taxable year with
any Authorized Agent Bank (AAB) located within the territorial jurisdiction of
the Revenue District Office (RDO) where the taxpayer’s principal office is
registered.
*In places where there are no AABs
(Authorized Agent Banks), the return shall be filed and the tax shall be paid
with the concerned Revenue Collection Officer (RCO) under the jurisdiction of
the RDO.
(Authorized Agent Banks), the return shall be filed and the tax shall be paid
with the concerned Revenue Collection Officer (RCO) under the jurisdiction of
the RDO.
Non-eFPS tax filer
Non-eFPS tax filer may opt to use the electronic format under “eBIRForms” for the preparation,
generation and submission and/or payment of this return with greater ease
and accuracy, upon availability of the
same in the system.
generation and submission and/or payment of this return with greater ease
and accuracy, upon availability of the
same in the system.
For NO PAYMENT RETURN:
The return shall be
filed with the RDO where the taxpayer’s principal office is registered or with
the concerned RCO under the same RDO on or before the 15th day of
the fourth month following the close
of the taxpayer’s taxable year
filed with the RDO where the taxpayer’s principal office is registered or with
the concerned RCO under the same RDO on or before the 15th day of
the fourth month following the close
of the taxpayer’s taxable year
Accomplish first the applicable schedules before accomplishing Parts II to V.
This return is
divided into Parts I to VI with accompanying Schedules 1 to 13.
divided into Parts I to VI with accompanying Schedules 1 to 13.
Individual instructions as to the source of the information and the necessary
calculations are provided on each line item.
Part II (Items 16-21) Total Tax Payable
•
Accomplish
first Part IV – Computation of Tax on page 2 and other schedules before
accomplishing these items.
Accomplish
first Part IV – Computation of Tax on page 2 and other schedules before
accomplishing these items.
•
Then
transfer the applicable information from Part IV to each of the items.
Then
transfer the applicable information from Part IV to each of the items.
•
Individual
instructions as to the source of the information and the necessary calculations are provided on each line item .
Individual
instructions as to the source of the information and the necessary calculations are provided on each line item .
Item 9 Trade Name
Indicate trade name as shown in the Certificate of
Registration (BIR Form No. 2303)
Registration (BIR Form No. 2303)
Item 15 Method of Deduction
Choose either
•
Itemized
Deduction under Section 34(A-J), NIRC, as amended, or
Itemized
Deduction under Section 34(A-J), NIRC, as amended, or
•
Optional Standard Deduction (OSD) which is 40%
of Gross Income under Section 34(L), NIRC, as amended by RA 9504.
Optional Standard Deduction (OSD) which is 40%
of Gross Income under Section 34(L), NIRC, as amended by RA 9504.
•The chosen
method of deduction used in the first quarter of the year shall be irrevocable
andconsistently applied throughout the year.
method of deduction used in the first quarter of the year shall be irrevocable
andconsistently applied throughout the year.
Requirements For Deductibility of Certain Income Payments
•
Any income payment which is otherwise deductible
under the Code shall be allowed as a deduction form the payor’s gross income
only if it is shown that the income tax required to be withheld has been paid
to the Bureau in accordance with Secs. 57 and 58 of the Code.
Any income payment which is otherwise deductible
under the Code shall be allowed as a deduction form the payor’s gross income
only if it is shown that the income tax required to be withheld has been paid
to the Bureau in accordance with Secs. 57 and 58 of the Code.
•
No deduction will also be allowed notwithstanding
payments of withholding tax at the time of the audit or reinvestigation/ reconsideration
in cases where no withholding of tax was made in accordance with Secs.
57 and 58 of the Code.
No deduction will also be allowed notwithstanding
payments of withholding tax at the time of the audit or reinvestigation/ reconsideration
in cases where no withholding of tax was made in accordance with Secs.
57 and 58 of the Code.
Balance Sheet
Indicate the amounts as shown in the Audited Financial Statements.
Schedule 12 – Supplemental Information
Disclosures under SUPPLEMENTARY INFORMATION PORTION
•
ITR
filing covering and starting with calendar year 2013, the disclosures required
under the SUPPLEMENTARY INFORMATION PORTION of the said forms will be OPTIONAL.
ITR
filing covering and starting with calendar year 2013, the disclosures required
under the SUPPLEMENTARY INFORMATION PORTION of the said forms will be OPTIONAL.
•
Taxpayers
are advised to demand from their payors, and properly document their BIR Form
No. 2307 and other pieces of evidence for final taxes withheld.
Taxpayers
are advised to demand from their payors, and properly document their BIR Form
No. 2307 and other pieces of evidence for final taxes withheld.
•
Likewise,
said taxpayers should properly receipt and book their TAX-EXEMPT INCOME.
Likewise,
said taxpayers should properly receipt and book their TAX-EXEMPT INCOME.
Special Allowable Itemized Deductions:
There shall be
allowable deduction from gross income in computing taxable income, in
addition to the regular allowable itemized deduction, as provided under the
existing regular and special laws, rules and issuances such as, but not limited to:
allowable deduction from gross income in computing taxable income, in
addition to the regular allowable itemized deduction, as provided under the
existing regular and special laws, rules and issuances such as, but not limited to:
•
Rooming-in
and Breast-feeding Practices under R.A. 7600,
Rooming-in
and Breast-feeding Practices under R.A. 7600,
•
Adopt-A-School
Program under R.A. 8525,
Adopt-A-School
Program under R.A. 8525,
•
Expanded Senior Citizens Act under R.A. 9257,
Expanded Senior Citizens Act under R.A. 9257,
•
Free Legal Assistance under R.A. 9999, etc.
Free Legal Assistance under R.A. 9999, etc.
REQUIRED ATTACHMENTS
- Certificate of independent CPA duly
accredited by the BIR (The CPA Certificate is required if the gross
quarterly sales, earnings, receipts or output exceed P 150,000). - Account Information Form (AIF) and/or
Financial Statements (FS), including the following schedules prescribed
under existing revenue issuances which must form part of the Notes to the
audited FS:
•
Taxes
and Licenses
Taxes
and Licenses
•
Other
information prescribed to be disclosed in the notes to FS
Other
information prescribed to be disclosed in the notes to FS
- Statement of Management’s Responsibility
(SMR) for Annual Income Tax Return. - Certificate of Income Payments not
subjected to Withholding Tax (BIR Form No.
2304) - Certificate of Creditable Tax Withheld
at Source (BIR Form No. 2307). - Duly approved Tax Debit Memo, if
applicable. - Proof of prior years’ excess credits, if
applicable. - Proof of Foreign Tax Credits, if
applicable. - For amended return, proof of tax payment
and the return previously filed. - Summary Alphalist of Withholding Agents
of Income Payments Subjected to
Withholding Tax at Source (SAWT), if applicable. - Proof of other tax payment/credit, if
applicable.
Take Note:
•
ITR
filing covering and starting with calendar year 2013, the disclosures required
under the SUPPLEMENTARY INFORMATION PORTION of the said forms will be OPTIONAL.
ITR
filing covering and starting with calendar year 2013, the disclosures required
under the SUPPLEMENTARY INFORMATION PORTION of the said forms will be OPTIONAL.
•
Taxpayers
are advised to demand from their payors, and properly document their BIR
Form No. 2307 and other pieces of evidence for final taxes withheld.
Taxpayers
are advised to demand from their payors, and properly document their BIR
Form No. 2307 and other pieces of evidence for final taxes withheld.
•
Likewise,
said taxpayers should properly receipt and book their TAX-EXEMPT INCOME.
Likewise,
said taxpayers should properly receipt and book their TAX-EXEMPT INCOME.
can you also make a post about How to NEW PHILIPPINE BIR INCOME TAX RETURN FORM Self-Employed Individuals. please
Yes. I hope you also share about the how to for self employed individuals. Your readers really appreciate your sharing these info. Many say that people are not as informed about how to do these legal things. I'm trying to fill out the interactive ITR form (followed your link) but it seems that there are some info that I don't know what to answer (like RDO code).
Thank God I don't need to file my ITR myself. Thank you to our accounting staffs. This post is a helpful one for sure 🙂
Mommy Maye
http://www.momaye.com
Panu po ba kukuha ng kopya ng ITR na nawala. Ano.po bang proseso nito?
how to compute for the 2307 if we paid rental fee
how to file annual tax return for single proprietorship if there is no transactions for the whole year and what are the attachment for filling it.