TAX info and updates

[BatmanBeyond]

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mao jud minimum wage earner gud xa... kng computon 72000+ ang gross income niya annual kng naa tax minimal lng dba?

sagdi lng icomply lng ni namu mgkuha meh form (BIR said form 2305 and the waiver daw) den kitaon nato..

pero ang kad2ng sobra nga gideduct niya gingon pa sa hr kay apil na daw ang jan-dec 2011 den start xa sept. na bya...

The HR could not deduct taxes pertaining to the months when your wife was not yet employed in that company. U can choose that optionj to comply bro. I hope ma-solve nani dayon.

[vincedin]

REVENUE REGULATIONS No. 19-2011

Subject : New Income Tax Forms
To : All Revenue Officials, Employees, and Others Concerned

Section 1. Objective.

These Revenue Regulations are issued to prescribe the new BIR Forms that will be used for
Income Tax filing covering and starting with Calendar Year 2011, and to modify Revenue Memorandum
Circular No. 57-2011.

Section 2. Scope.

Pursuant to Section 244 in relation to Sections 6(H), 51(A)(1), and 51(A)(2) of the National
Internal Revenue Code of 1997 (Tax Code), as amended, these Regulations are prescribed to revise BIR
Form Nos. 1700, 1701, and 1702 to reflect the changes in information requested from said BIR Forms
and to enable the said forms to be read by an Optical Character Reader.

Section 3. Filing of New Income Tax Return Forms.

All taxpayers required to file their Income Tax returns under section 51(A)(1) of the Tax code,
and those not required to file under section 51(A)(2) but who nevertheless opt to do so, covering and
staring with calendar year 2011 – due for filing on or before April 15, 2012, should use the following
revised forms:
1. BIR Form 1700 version November 2011 (Annual Income Tax Return for Individuals Earning
Purely Compensation Income);
2. BIR Form 1701 version November 2011 (Annual Income Tax Return for Self-Employed
Individuals, Estates and Trusts); and
3. BIR Form 1702 version November 2011 (Annual Income Tax Return for Corporation, Partnership
and Other Non-Individual Taxpayer).
All juridical entities following fiscal year of reporting are likewise required to use the new BIR
Form 1702 starting with those covered under fiscal year ending January 31, 2012.

Section 4. Repealing Clause.

All existing regulations and other issuances or portions thereof which are inconsistent with the
provisions of these Regulations are hereby repealed, amended, or modified accordingly.

Section 5. Effectivity.

These Regulations shall take effect covering income earned for taxable year 2011.

[King LeBron]

boss, if insurance agent ang mo-file, BIR 1700 ang gamiton sa?

[vincedin]

boss, if insurance agent ang mo-file, BIR 1700 ang gamiton sa?

dili sir... BIR Form 1701 imo gamiton.

BIR Form 1700 is for individuals earning purely compensation income.

If you observe, Lahi ang content sa BIR Form 1700 sir... as insurance agent diba naa ka withholding tax sa imo agency, then gi-tagaan ka ug BIR form 2307? Sa form 1700 kay dili ka ka-claim ana, while sa form 1701 ma-claim na nimo as deduction, refer #40E & #40G sa form.

[kitz]

Hi,

If I am one of the partner on a partnership entity

do i need to file my personal 1701 at year end?

If yes, How will it be computed?

thanks

[vincedin]

Hello Kitz,

Yes, you still need to file for your income tax return at year end. But, you can deduct the amount withheld from you by the partnership.

How will it be computed? It will depend if you have other sources of income. Do you have other business aside from the partnership? or do you received any compensation income from employment? Just follow the tax form so you will be guided, or ask me kun naa ka malibogan sa pag-fill up sa form.

[rescyth]

Hi vincedin!

Pila ang tax rate kng self employed ang e file? Dba qualified mn sd na for deductibles as business expenses? Ug ma deduct/credit ba ang mga charities ?

Salamat

[vincedin]

Hi vincedin!

Pila ang tax rate kng self employed ang e file? Dba qualified mn sd na for deductibles as business expenses? Ug ma deduct/credit ba ang mga charities ?

Salamat

tax rate for individual including self employed are as follows:
If taxable income is:............................................... ..................Tax Due is:
Not over 10,000............................................ .........................5%
Over 10,000 but not over 30,000 ............................................ 500 + 10% of the excess over 10,000
Over 30,000 but not over 70,000 ............................................ 2,500 + 15% of the excess over 30,000
Over 70,000 but not over 140,000 .......................................... 8,500 + 20% of the excess over 70,000
Over 140,000 but not over 250,000 ........................................ 22,500 + 25% of the excess over 140,000
Over 250,000 but not over 500,000 ........................................ 50,000 + 30% of the excess over 250,000
Over 500,000 .................................................. ...................... 125,000 + 32% of the excess over 500,000

[C.P.A.]

August
29 Wednesday

"e-FILING/FILING & e-PAYMENT/PAYMENT " 1702Q together w/ the Summary Alphalist of W/holding Agents of Income Payments Subjected to W/holding Tax (SAWT) if applicable – EFPS & Manual filers

[vincedin]

Sir,
I saw your thread regarding tax info. I would like to ask Sir about filing an income tax for an OFW. Since my income is earned overseas rather than in the Philippines, what would be the basis? Thanks

depende sir, if you work & derive income from abroad and if your employment thereat requires you to be physically present abroad most of the time during the taxable year, then you may be classified as non-resident citizen. Non-resident citizen is taxable only on income derived from sources within the Philippines.