income tax
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Income tax

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Presentation Transcript
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An income tax is a tax levied on the income of individuals or businesses (corporations or other legal entities)
income tax3

PERSONAL INCOME TAX

CORPORATE INCOME TAX

Income tax
bir form no 1700

BIR FORM NO. 1700

This return is filed annually by every resident citizen deriving compensation income from all sources, or resident alien and non-resident citizen with respect to compensation income from within the Philippines or marginal income earner. 

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(23A and 23B)Gross Taxable IncomeGross Taxable Income = Gross Taxable Compensation Income + Other Taxable Income

personal and additional exemptions
Personal and Additional Exemptions

For single individual, widow/widower or married individual judicially decreed as legally separated with no qualified dependents

  • Php50,000.00
personal and additional exemptions11
Personal and Additional Exemptions

For head of the Family

  • Php 50 000.00
personal and additional exemptions12
Personal and Additional Exemptions

For employed married individual

  • Php50,000.00 + (Number of dependent child x Php 25,000.00)
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(24C and 24D)Premium paid on health and/or hospitalization insurance not to exceed Php 2,400 per year

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(24E and 24F)Total Exemptions(Personal and Additional Exemptions + Premium paid on health and/or hospitalization insurance not to exceed Php2,400.00 per year)

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(27G and 27H)Other Payment/s made(second installment payment for income tax, deficiency tax, delinquency tax, registration fees, penalties, advance payments, deposits, installment payments, etc.)

27i and 27j total tax credits payments 27a 27c 27e 27g 27b 27d 27f 27h
(27I and 27J)Total Tax Credits/ Payments(27A+27C+27E+27G)(27B+27D+27F+27H)
32 amount still due on or before july 15 if taxpayer is allowed to pay by installment 30c 31
(32) Amount Still Due on or before July 15, if taxpayer is allowed to pay by installment(30C - 31)
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