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TAX RETURN AND PAYMENT

Tax Return
 A report made by the taxpayer to the BIR of :
(1) all gross income derived during the taxable year
(2) allowable deductions including exemptions
(3) net taxable income
(4) income tax rare
(5) income tax due
(6) income tax withheld, if any,
(7) income tax still to be paid or refundable.

Required to file an income tax return:

(a) Individuals
1. Resident Citizen, on income within and without the Philippines
2. Non-Resident Citizen, on income within the PH only
3. Resident Alien, on income within the PH only
4. Non-Resident Alien engaged in trade or business or in the exercise of profession, on income within
the PH only

Exceptions:

1. Those whose taxable income does not exceed P250,000.00


 Citizens and any Alien individual engaged in business or practice of profession within the
Philippines shall file an income tax return, regardless of the amount of gross income.
2. Those who earn pure compensation income derived from such sources within the Philippines, the income
tax on which has been correctly withheld. Sec. 51-A (substituted filing done by the employer) The certificate
of withholding filed by the respective employers, duly stamped ‘received’ by the BIR shall be tantamount to
the substituted filing of ITR by said employee.
 An individual deriving compensation concurrently from two or more employers at any time during
the taxable year shall file an income tax return.
3. An individual whose sole income has been subjected to Final withholding Tax
 Those whose income consists solely of royalties, interests, prizes, winnings, dividends, etc. and the
share in a partnership or association, joint venture, or consortium taxable as corp.
 Aliens employed by ROHQs with respect to their compensation income
 Aliens employed by the OBUs with respect to their compensation income
 Aliens employed by foreign service contractors and subcontractors engaged in petroleum
exploration, with respect to their compensation income
4. Minimum Wage Earners
5. Those exempted by the Tax Code and other special laws.
As to Husband and Wife

Those married individuals, whether citizens, resident or nonresident aliens, who do not derive income purely
from compensation shall file a return for the taxable year to include the income of both spouses. But if impracticable,
they may file separate returns.

As to Parents and Kids

The income of unmarried minors derived from property received from a living parent shall be included in the
return of the parent, except:

1. When the donor’s tax has already been paid on such property
2. When the transfer of such property is exempt from donor’s tax

As to Persons under Disability

If a taxpayer is unable to make his own return, it may be made by his:

1. Duly authorized agents


2. Representative
3. Guardian
4. Other persons charged with the care of his person or property who will assume the responsibility of
making the return and incurring penalties provided for erroneous, false or fraudulent return.

(b) Taxable Estate and Trust

The fiduciary shall file a return in case the person, estate or trust for whom or which they act has a gross income
of 20,000 pesos or over during the taxable year. (Sec. 65, NIRC)

(c) General Professional Partnership (GPP)

Every General Professional Partnership shall file, in duplicate, a return of its income, except income exempt
under Sec. 32(B) of the Tax Code, setting forth the items of gross income and of deductions allowed, and the names,
TIN, addresses and shares of each partners. (Sec. 55, NIRC)

(d) Corporation
 Every Corporation, except foreign corporations not engaged in trade or business in the Philippines, shall
render in duplicate, a true and accurate:
(1) Quarterly income tax return, on a cumulative basis for the preceding quarters
 A corporation must file tax return for preceding quarter within 60 days following the close
of each quarter.
(2) A final or adjustment return.
 A corporation will file a return at the end of either fiscal or calendar year.
 If the sum of the quarterly return is not equal to the total tax due, the corporation shall
either:
1. Pay the balance;
2. Carry over the excess credit perpetually;
3. Be credited or refunded with the excess amount.
 A corporation may use either the calendar year or fiscal year basis for filing.
 The ITR shall consist of a maximum of 4 pages in paper form or electronic form to be filed by the President,
Vice President, or other principal officer, and shall be sworn to by such officer and by the treasurer or
assistant treasurer.
 The ITR shall only contain the following information:
(1) Corporate Profile and information;
(2) Gross sales, receipt or income from service rendered, or conduct of trade or business, except
income subject to final tax;
(3) Allowable deductions;
(4) Taxable income;
(5) Income tax due and payable.
 Returns of Corporations Contemplating Dissolution or Reorganization
- Within 30 days after the adoption by the corporation of a resolution or plan for its dissolution, or for
the liquidation of the whole or any part of its capital stock, including a corporation which has been
notified of possible involuntary dissolution by the SEC, or for its reorganization, render a correct
return to the Commissioner, verified under oath, setting forth the terms of such resolution or plan
and such other information as the Secretary of Finance, upon recommendation of the
Commissioner, shallm by rules and regulations, prescribe. (Sec. 52(C)).

Returns to file:

1. Quarterly and Annual Income Tax Return (ITR)


2. Capital Gains Tax Return

When Returns are filed:

1. Individual and Corporate ITR

What to File When to File (Due


Who Files
(Period) Date for Filing)

QI Return April 15 of same year

Q2 Return August 15 of every year


Individual
November 15 of every
Q3 Return
year
April 15 of the following
Annual Return
year
Q1 return
60 days after the close
Domestic Corporation
of each of the first 3
and resident foreign Q2 Return
quarters of the taxable
Corporation
year
Q3 Return
On or before the 15th
day of the 4th month
Annual Return
following the taxable
year

2. Capital Gains Tax Returns from sale or exchange of shares of stock not traded through the local
stock exchange
 Within 30 days after each transaction and a final consolidated return on or before April 15 of each
year covering all stock transactions of the preceding taxable year.

3. Capital Gains Tax Returns from sale or disposition of real property


 Within 30 days following each sale or other disposition.

4. Capital Gains Received by installment


 Within 30 days from receipt of each installment

Extension of Time to File Returns

The Commissioner may, in meritorious cases, grant a reasonable extension of time for filing returns of
income or final and adjustment returns in case of corporations.

Where to file:

1. Authorized agent bank


2. Revenue district office (RDO)
3. Collection agent
4. Duly authorized city treasurer where he is legally residing
5. Office of the Commissioner

How Returns are to be filed:

Generally, the ITR shall be filed personally by the person required to files returns or his representative as
the case may be.

Substituted Filing

Substituted filing is now incorporated in the Tax Code as amended under Sec. 51-A (a new provision).

Mode of filing where the certificate of withholding filed by the respective employer, duly stamped ‘received’
by the BIR, shall be tantamount to the substituted filing of income tax returns by the employees.

The following are the requisites of substituted filing:

1. Employee receives purely compensation income regardless of the amount;


2. The income is only from one employer in the Philippines;
3. Amount of tax due from the employee equals the amount of tax withheld by the employer;
4. Employer files the annual information Return;
5. Employer issues BIR Form No. 2316 (Certificate of Compensation Payment/Tax Withheld) to each
employee.

Manner of Payment

General Rule: Pay-as-you-file System – income tax shown on the return should be paid at the time return is filed.

Exception: Individuals may pay in two equal installments if the income tax due on the annual return exceeds
P2,000.00, as follows:

1. First Installment – at the time the return is filed.


2. Second Installment – on or before October 15 following the close of the calendar year.

Note: If any installment is not paid on or before the date fixed for its payment, the whole amount of the tax unpaid
becomes due and payable together with the delinquency penalties.