BIR Form 1701Q - Quarterly Income Tax Return
Guidelines and Instructions
Who Shall File
This return shall be filed in triplicate by the following individuals
An individual whose sole income has been subjected to final
Married individuals shall file a return for the taxable year to include the income of both spouses, computing separately their individual income tax based on their respective total taxable income. Where it is impracticable for the spouses to file one return, each spouse may file a separate return of income. If any income cannot be definitely attributed to or identified as income exclusively earned or realized by either of the spouses, the same shall be divided equally between the spouses for the purpose of determining their respective taxable income.
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 donorís tax has been paid on such property, or (2) when the transfer of such property is exempt from donorís tax.
If the taxpayer is unable to make his own return, the return may be
Compensation income need not be reported in the Quarterly Income
When and Where to File
The return of the taxpayers shall be filed as follows:
When and Where to Pay
Upon filing of his return, the estimated tax due shall be paid to the Authorized Agent Bank (AAB) where the return is filed. In places where there are no AABs, payments shall be made directly to the Revenue Collection Officer or Duly Authorized City or Municipal Treasurer who shall issue Revenue Official Receipt (BIR Form 2524) therefore.
Where the return is filed with an AAB, taxpayer must accomplish and submit BIR-prescribed deposit slip, which the bank teller shall machine validate as evidence that payment was received by the AAB. The AAB receiving the tax return shall stamp mark the word "Received" on the return and also machine validate the return as proof of filing the return and payment of the tax by the taxpayer, respectively. The machine validation shall reflect the date of payment, amount paid and the transaction code, the name of the bank, branch code, teller's code and the teller's initial. Bank debit memo number and date should be indicated in the return for taxpayers paying under the bank debit system.
For eFPS Taxpayer
The deadline for electronically filing and paying the taxes due thereon shall be in accordance with the provisions of existing applicable revenue issuances.
The taxpayer engaged in business or in the practice of profession shall choose either the optional standard or itemized (described below) deduction. He shall indicate his choice by marking with "X" the appropriate box, otherwise, he shall be deemed to have chosen itemized deduction. The choice made in the return is irrevocable for the taxable year covered.
Optional Standard Deduction - A minimum of 40% of their gross sales or receipts shall be allowed as deduction in lieu of the itemized deduction. This type of deduction shall not be allowed for non-resident aliens engaged in trade or business. An individual who opts to avail of this deduction need not submit the Account Information Return (AIF)/Financial Statements.
Itemized Deduction - There shall be allowed as deduction from gross income all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on or which are directly attributable to the development, management, operation and/or conduct of the trade, business or exercise of a profession including a reasonable allowance for salaries, travel, rental and entertainment expenses.
Estimated Income Tax Liability
The taxpayer herein referred shall make anfd file a declaration of their estimated income for the current period from which they shall derive their estimated income tax liability.
There shall be imposed and collected as part of the tax:
a.Failure to file any return and pay the amount of tax or installment due on or before the due date;
b.Unless otherwise authorized by the Commissioner, filing a return with a person or office other than those with whom it is required to be filed;
c.Failure to pay the full or part of the amount of tax shown on the return, or the full amount of tax due for which no return is required to be filed on or before the due date;
d. Failure to pay the deficiency tax within the time prescribed for its payment in the notice of assessment.
a. Willful neglect to file the return within the period prescribed by the Code or by rules and regulations; or
b. In case a false or fraudulent return is willfully made.
1. Certificate of Income Payments not Subject to Withholding Tax (BIR Form
2304), if applicable;
The quarterly income tax return does not have to be accompanied with Account information Form and/or Financial Statements.
NOTE: All background information must be properly filled up.