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General, Tax Updates, Taxation

BIR New Income Tax Returns (1700, 1701, 1702) per RR 19-2011

NEW JUNE 2013 VERSION AVAILABLE, CLICK TO DOWNLOAD

On November 2011, the Bureau of Internal Revenue issued Revenue Regulations (RR) 19-2011 which 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.

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).

See also BIR Interactive Forms for Income Tax.

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.

Click links below to download the latest forms:


Recently, the Bureau of Internal Revenue has issued Revenue Memorandum Circular No. 40-2011, dated September 5, 2011. This is a notice given to all concerned to use new income tax returns for income tax filing covering and starting with the calendar year 2011, which are due for filing on or before April 15,2011.

To which period the new form applies?

  1. Calendar year ending December 31, 2011
  2. Fiscal year ending January 31, 2012 onwards
  3. Fiscal year ending before December 31, 2011 are not covered

To view the revenue memorandum circular 40-2011 and the revised forms, please click the links below:

There were no published spreadsheet copies of the revised form yet. It will be announced once available.

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About leecpa

Orlando Calundan is a Certified Public Accountant. He has exposures in audit of financial statements of entities in various industries such as real estate, food (quick service restaurants), manufacturing, service organizations and BPOs, automotive, holding/investment companies and more. He also has exposure on internal audit engagements. http://calundan.co

Discussion

One thought on “BIR New Income Tax Returns (1700, 1701, 1702) per RR 19-2011

  1. Hi. What are the allowable deductions under the gross income row? thanks

    Posted by Anne Aceveda | August 18, 2014, 7:26 am

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