BIR FORM 1701
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This document provides information about BIR Form 1701-A, the income tax return form that must be filed in the Philippines. It discusses who must file the form based on income thresholds for different filing statuses. It also outlines when and where the form must be filed each year, noting it is due by April 15 to the local Revenue District Officer. The document explains what factors like exemptions, deductions, and the nature of income affect the tax computation. It defines gross compensation income and gross income for tax purposes.
BIR FORM 1701
- 5. What is BIR FORM? www.diamond.com/birform/video Created by: Roiden Fredrich M. Fernandez and Group 4 Who will file? www.diamond.com/birform/whowillfile Created by: Roiden Fredrich M. Fernandez and Group 4 BIR Form 1701-A When and Where to file? www.diamond.com/birform/whenandwheretofile Created by: Roiden Fredrich M. Fernandez and Group 4
- 6. Who will file? BIR FORM 1701-A is the form to be filled by every resident citizen for alien whose gross compensation income from all sources exceed: a) ₱6,000 if single, a widow or widower, or married individuals legally separated with no dependent.
- 7. b) ₱7,500 if head of the family either unmarried or legally separated man or woman or any people that dependent on him/her for their chief support. c) ₱12,000 for married but not legally separated.
- 8. BIR FORM 1701 shall be filed by the following individuals regardless of the amount gross income: a) Resident Citizen engaged in business or in the practice of a profession within or without the Philippines. b) Nonresident citizen engaged in business or in the practice of a profession within the Philippines. c) Resident Alien engaged in business or in the practice of a profession within the Philippines.
- 10. When and Where to File? The return of any individual specified shall be filed on or before the fifteenth (15th) day of April of each year covering income for the preceding taxable year. These returns must be filed on or before due date with the Revenue District Officer or his duly authorized collection agent usually the municipal treasurer in the municipality where the taxpayer has his legal residence or principal place of business.
- 11. Factors to Consider in Computing the Income Tax Due The computation of the income tax due is affected by the following: a) nature of compensation b) exemptions c) allowed deductions For income tax purposes, income can be classified as gross compensatiom income and gross income
- 12. Gross Compensation Income is income from an employee-employer relationship and includes any remuneration paid by the employer or the manager for service rendered by an employee or the worker.
- 13. Gross Income includes gains, profits, and income in any form derived from: a) profession, vocation, trade, business, and commerce b) sales or dealings in real or personal property c) interest, rents, dividends, or securities d) transaction of any business carried for profit
- 15. Questions? When and Where to File? Who will file? List of Major Forms More info about income tax return? The End