Are you filing your income tax return this coming April 15? If yes, you should use new forms in filing.

The Bureau of Internal Revenue prescribed the use of new Income Tax Returns to be implemented starting taxable year December 31, 2013.

The new ITRs contain bar codes and reflect the changes in information required from said forms. The forms are also readable by an optical character reader (OCR) for easy scanning.

Taxpayers must use the following forms in filing-

1. 1. BIR Form No. 1700 version June 2013 (Annual Income Tax Return for Individuals Earning Purely Compensation Income);
   2. BIR Form No. 1701 version June 2013 (Annual Income Tax Return for Self-Employed Individuals, Estates and Trusts);
   3. BIR Form No. 1702-RT version June 2013 (Annual Income Tax Return for Corporations, Partnerships and Other Non-Individual Taxpayers Subject Only to REGULAR Income Tax Rate);
   4. BIR Form No. 1702-EX version June 2013 (Annual Income Tax Return for Use Only by Corporations, Partnerships and Other Non-Individual Taxpayers EXEMPT Under the Tax Code, as amended, [Sec. 30 and those exempted in Sec. 27(C)] and Other Special Laws, with No Other Taxable Income); and
   5. BIR Form No. 1702-MX version June 2013 (Annual Income Tax Return for Corporations, Partnerships and Other Non-Individuals with Mixed Income Subject to Multiple Income Tax Rates or with Income Subject to Special/Preferential Rate).

 

If you need assistance in tax return preparation and filing, tax compliance or any other tax related matter, or assitance with outsourcing your payroll or accounting, please contact Triple I Consulting.