How do I fill out 1701Q BIR form 2020?
How do I fill out 1701Q BIR form 2020?
How do I fill out 1701Q BIR form 2020?
How to fill up BIR Form 1701Q
- Fill out Part I of BIR Form 1701Q.
- Before filling out Part III, you will need to accomplish Part V of the form first.
- Fill out Schedule III if you have any tax credits or payments.
- Add in your Tax Payable on Line 63.
- Go back to Page 1 of the form and fill out Part III (Total Tax Payable).
How do I calculate BIR 1701Q?
BIR form 1701Q is filed quarterly for the first quarter, second quarter and third quarter. For the annual income tax return, the BIR form 1701 is used….How to Compute Quarterly Income Tax Return: Philippines (1701Q)
| Gross Sales [26] | P 300,000 |
|---|---|
| Creditable tax withheld per BIR form 2307 for this qtr | 2,000 |
| Tax Payable [39] | 12,500 |
| Less Penalties [40] | 0 |
| Total Amount Payable [41] | P 12,500 |
Who needs to file 1701Q?
For those unfamiliar with BIR Form 1701Q, this tax return is for quarterly filing by individuals who are engaged in business or practice a profession in the Philippines, and persons acting in any fiduciary capacity (i.e. trustees, guardians or executors/administrators) for a trust, estate, or minor.
What is the deadline of 1701Q?
BIR Tax Deadlines
| Form No. | Requirement | Deadline for manual filers |
|---|---|---|
| 1701 | Annual Income Tax Return (for self-employed individuals) | April 15 |
| 1701-Q | Quarterly Income Tax Return (for self-employed individuals) | |
| – 1st Quarter | May 15 or 45 days after end of each quarter | |
| – 2nd Quarter | August 15 or 45 days after end of each quarter |
How much is the MCIT rate?
Minimum Corporate Income Tax (MCIT) rate is also reduced from 2% to 1% of gross income (revenue less cost of sales) effective July 1, 2020 to June 30, 2023. Note that the MCIT is imposed if a corporation has negative taxable income, or the MCIT is higher than 30% Regular Corporate Income Tax (RCIT).
How do I pay 1701Q GCash?
How do I pay my BIR taxes using GCash?
- On the GCash App, select Pay Bills.
- Select the category of ‘Government’.
- Select ‘BIR’ to pay.
- Input all relevant biller details: Form Series (0600, 1600, 1700, 1800, 2000, 2200, 2500)
- Confirm payment details to proceed payment.
- Payment successful!
Who shall file BIR form 1701?
BIR Form No. 1701 shall be filed by individuals who are engaged in trade/business or the practice of profession including those with mixed income (i.e., those engaged in the trade/business or profession who are also earning compensation income) in accordance with Sec. 51 of the Code, as amended.