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“The 1701 Form is making me crazy!
I’ve been reading your blog for a while now. It’s been really helpful, but
can you show me how to fill up the 1701 form?
I’ve read your blog post about it, but I’m not familiar with the lingo. Can
you break it down, as in parang nag-eexplain ka sa isang college freshman.
If it’s not too much to ask. I would really REALLY appreciate it.”
– Emerald –
Preparing an Income Tax Return is tough. I know. Everyone hates it. I know. Including accountants like me. That is why we put it off until deadline.
And become part of this group…
Here are steps in filling up and filing your 1701 ITR:
STEP 1: DOWNLOAD the latest version of the Offline eBIRForms Package from the BIR Website.
STEP 2: Once you are in the eBIRForms menu, fill up the profile information the select the applicable BIR Form.
STEP 3: Fill up all the necessary information. A Job Aid is included in your downloaded package, by the way.
Taxable Income can be simply computed as follows, by the way:
Gross Sales /Receipts xxx
Less:Optional Standard Deduction xxxNet Income xxxLess: Personal & Additional Exemptions xxxTaxable Income xxxTax Due xxx
10% Creditable Tax Withheld
|Gross Sales (1st to 4th Quarter Income Payments) Schedule 2, Item 1, Page 5|
|Less: 40% Optional Standard Deduction Part 1,Item 20, Page 1;Part IV, Item 61, Page 2|
|Less: Personal Exemption Part IV, Item 45, Page 2|
|Additional Exemption (1 Qualified Dependent) Part IV, Item 46, Page 2|
|Net Income Subject To Tax Part IV, Item 62, Page 2|
|Income Tax Due Part V, Item 68, Page 3|
|Creditable Tax Withheld – 1st to 3rd Quarters Schedule 9, Item 3, Page 9|
|Creditable Tax Withheld – 4th Quarter Schedule 9, Item 5, page 9|
|Tax Still Due Part V, Item 73, Page 3; Part II, Items 29, 28,30 & 32, Page 1|