PHILIPPINE TAX SYSTEM AND INCOME TAXATION

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MODULE 9:TAX RETURN PREPARATION AND TAX PAYMENTS

Tax Return Preparation and Tax Payments

LEARNING OBJECTIVES
At the end of this module you are
expected to:
1. Identify theapplicable tax returns to
be prepared by different taxpayers;
2. Prepare income tax returns;
3. Discuss the deadline of filing tax
returns and payment of tax dues

Every April 15 of the year is the most talked about season in the Bureau of Internal
Revenue (BIR). There is news everywhere that deadline of filing and paying income taxes
should be made on or before April 15, otherwise, penalties will be imposed.
In view of this, it is to be noted that such deadline is only applicable to businesses that close
its books on a calendar year basis; needless to say, their business year ends every
December 31.
For businesses that uses a fiscal year period, deadline of filing and paying income taxes is
on the 15th day of the 4th month following the close of taxable year.
It is to be further noted that aside from the annual filing of income tax returns and payment
of income tax dues of businesses, a quarterly filing and payment is still required.
The deadline for quarterly filing and payment of taxes is on the 60th day after the close of
each taxable quarter.

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 Income Tax Return
- is a tax form or forms used to:
 report income and expenses and
 file income taxes with tax authorities such as the Bureau Internal Revenue
Income Tax Returns allow taxpayers to calculate their tax liability and remit payments or
request refunds or tax credits, as the case may be.

Tax Return Preparation

The following are the list of returns required to be filed:

Income Tax Returns Particulars Deadline of Filing

BIR Form No. 2316 Certificate of Compensation January 31

Payment or Income Tax
Withheld
NOTE: This is being filed by the
employers under substituted
filing.
Such filing is only applicable if the
employee has no other employers.
NOTE: In cases covered by
substituted filing, the
employer shall furnish each
employee with original copy
of BIR Form 2316 and
file/submit to the BIR the
duplicate copy not later
than February 28

BIR Form No. 1700 Individual Annual Income Tax On or before April 15 for
Return for Compensation Income calendar year
Earners or
(for those with multiple On or before the 15th day
employers) of the 4th month following
the close of the fiscal year,
as the case may be

Individual Quarterly Income Tax

Return
(for self-employed individuals)
BIR Form No. 1701Q
1st Quarter April 15 or 15 days after
end of quarter

2nd Quarter August 15 or 45 days after

end of quarter

3rd Quarter November 15 or 45 days

after endof quarter

BIR Form No. 1701 Individual Annual Income Tax On or before April 15 for
 PHILIPPINE TAX SYSTEM AND INCOME TAXATION
MODULE 9:TAX RETURN PREPARATION AND TAX PAYMENTS
Return
BIR Form No. 1702Q Corporate Quarterly Income Tax
Return
(for corporations and
partnerships)
BIR Form No. 1702 Corporate Annual Income Tax
Return
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calendar year
or
On or before the 15th day
of the 4th month following
the close of the fiscal year,
as the case may be
60th day after the close of
each taxable quarter.
On or before April 15 for
calendar year
or
On or before the 15th day
of the 4th month following
the close of the fiscal year,
as the case may be
BIR FORMS
1. BIR FORM NO. 2316
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MODULE 9:TAX RETURN PREPARATION AND TAX PAYMENTS

2. BIR FORM NO. 1700

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3. BIR FORM NO. 1701Q
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MODULE 9:TAX RETURN PREPARATION AND TAX PAYMENTS

4. BIR FORM NO. 1701

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5. BIR FORM NO. 1702Q
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6. BIR FORM NO. 1702

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Process of Filing Tax Returns in the Philippines
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MODULE 9:TAX RETURN PREPARATION AND TAX PAYMENTS

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 End of Module 9

Links to Supplemental Readings

1. http://www.chanrobles.com/legal6nircmain.htm#.WW14qRUrLIU
2. https://www.bir.gov.ph/index.php/tax-code.html#title1
3. https://www.bir.gov.ph/index.php/tax-code.html#title2

Links to Other Video Lectures

1. https://www.youtube.com/watch?v=E5_tMAvmvW8
2. https://www.youtube.com/watch?v=lbGEM1Htijg
3. https://www.youtube.com/watch?v=-GS0leuEFTM
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MODULE 9:TAX RETURN PREPARATION AND TAX PAYMENTS

References
Cashmartph. Step-By-Step Guide On How To File Income Tax Return In Philippines. cashmart.ph/step-
by-step-guide-on-how-to-file-income-tax-returns-in-the-philippines/
National Internal Revenue Code of 1997 . (n.d.). Retrieved from https://www.bir.gov.ph/index.php/tax-
code.html.
Aduana, N. L. (2012). Simplified and procedural handbook on income taxation (2nd Edition ed.). Quezon
City: C & E Publishing Inc.
Garcia, E. R., & Tabag, E. D. (2014). Income Taxation (3rd Edition ed.). Quezon City: Good Dreams
Publishing .
Valencia, E. G. (2016). Income Taxation (7th Edition ed.). Baguio City: Valencia Educational Supply .

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