Quarterly Income Tax Filing of Individuals

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#askthetaxmaven

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.

Resident citizens in business or practice of profession, non-resident citizens, resident aliens and non-resident aliens with business or practice of profession in the Philippines must file three quarterly income tax returns and a final income tax return on their taxable income and pay the corresponding income tax not later than:

First  Quarterly Income TaxReturn                     April 15 of the current year

Second Quarterly Income Tax Return                 August 15 of the current year

Third Quarterly Income Tax Return                     November 15 of the current year

Final/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
• 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