I just want to let you know that all opinions are my own and I may earn from qualifying purchases. Regardless, I only recommend products or services I use personally and believe will be good for my readers.
Hi Ms. Marie,
I just would like to ask if there is a need for me to file the 1701Q or would it be okay if I just submit 1701 on or before April 15th of this year?
Yes, there is still a need for you to file BIR Form 1701Q.
First Quarterly Income TaxReturn April 15 of the current yearSecond Quarterly Income Tax Return August 15 of the current yearThird Quarterly Income Tax Return November 15 of the current yearFinal/Annual Income Tax Return April 15 of the succeeding year
Guidelines in accomplishing the Quarterly Income Tax Return:
- Gross income and deductions will be computed on a cumulative basis
- Personal and additional exemptions will be claimed in the final return only
- Individual has the option to choose Itemized Deduction or Optional Standard Deduction
- The chosen method of deduction used in the first quarter of the year shall be irrevocable and consistently applied throughout the year
- The income tax computed on the cumulative balances will be reduced by the income tax payment of the preceding quarter/s and any income tax withheld on income included in the return
- Individual taxpayers with MIXED INCOME subject to income tax rates other than the income tax rates prescribed under Section 24 of the Tax Code are not included among those individuals with option to elect the Optional Standard Deduction
- Should the taxpayer have mixed income (i.e., from salary and from business/practice of profession, the quarterly returns will include only the income from business or profession. The computations on the gross compensation income for the year will be at the end of the year, to be aggregated with the data on income from business or profession for the year