What is the purpose of BIR Form 1701Q?

BIR Form 1701Q, also known as Quarterly Income Tax Return For Self-Employed Individuals, Estates and Trusts (Including those with both Business and Compensation Income) is a tax return intended for professionals and self-employed individuals who are engaged in a sole proprietorship business.

What is the BIR Form for quarterly VAT return or declaration?

BIR Form 2550Q
BIR Form 2550Q, also known as Quarterly Value-Added Tax Return is a form of sales tax imposed on sales or exchange of goods and services in the Philippines.

How do I pay my quarterly taxes Bir?

Procedures

1. Fill-up applicable fields in the BIR Form No. 1700.
2. Pay electronically by clicking the “Proceed to Payment” button and fill-up the required fields in the “eFPS Payment Form” click “Submit” button.
3. Receive payment confirmation from eFPS-AABs for successful e-filing and e-payment.

What is BIR Form 1702Q?

BIR form 1702Q, or also known as Quarterly Income Tax Return (For Corporations and Partnerships) is a tax return intended for corporations, partnerships and non-individual taxpayers. Related Articles: Generating 1702Q in Fast File. Generating Quarterly Income Tax Returns for Non-Individuals (1702Q)

Who should file 1701Q?

In summary, you will need to file Form 1701Q if you’re earning income outside of employment such as a professional (e.g. freelancer, doctor), a self-employed individual, a sole proprietor, or a trustee.

How do I calculate my quarterly tax return?

Step 2.8: Compute your [39] Tax Payable by deducting to your [37] Tax Due to your [38] total tax Credits/Payments for the Quarter, which include [38A/B] Prior Year’s Excess Credits, [38C/D] Tax Payment(s) for the Previous Quarter(s), [38E/F] Creditable Tax Withheld for the Previous Quarter(s), [38G/H] Creditable Tax …

How do I calculate quarterly tax return?

Your quarterly percentage tax is calculated by multiplying 1% to your quarterly gross sales or receipts. By “Gross Receipts” or “Gross Receipts”, this would mean all the earnings or revenues you have actually received from your client/business.

How do I calculate quarterly value added tax return?

Value Added Tax Payable is normally computed as follows:

1. Computing Net VAT Payable on VAT “exclusive” Sales/Receipts. Total Output Tax Due or Total Vatable Sales/Receipts x 12%
2. Computing Net VAT Payable on VAT “inclusive” Sales/Receipts. Total Output Tax Due or Total Vatable Sales / 1.12 x 12%

Who must file a quarterly tax return?

In summary, you will need to file Form 1701Q if you’re earning income outside of employment such as a professional (e.g. freelancer, doctor), a self-employed individual, a sole proprietor, or a trustee. If your business is a partnership or corporation, then you will have to file BIR Form 1702Q.

How do I calculate quarterly tax?

Which is not subject to income tax?

What’s not taxable Inheritances, gifts and bequests. Cash rebates on items you purchase from a retailer, manufacturer or dealer. Alimony payments (for divorce decrees finalized after 2018) Child support payments.

What is quarterly income tax return?

BIR Form 1701Q or Quarterly Income Tax Return for Self-Employed Individuals, Estates, and Trusts, is an income tax return filed by self-employed individuals engaged in the practice of their profession or in a sole proprietorship. This form is filed every 15th of May, August, and November every year.