Income tax
1 / 30

ECO - PowerPoint PPT Presentation

  • Uploaded on

Income tax

I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
Download Presentation

PowerPoint Slideshow about 'ECO' - guest12799

An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.

- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript

Slide2 l.jpg
An income tax is a tax levied on the income of individuals or businesses (corporations or other legal entities)

Income tax3 l.jpg



Income tax

Bir form no 1700 l.jpg


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. 

20a and 20b gross taxable compensation income l.jpg
(20A and 20B)Gross Taxable Compensation Income

21a 22a 21b and 22b other taxable income l.jpg
(21A, 22A, 21B and 22B)Other Taxable Income

Slide8 l.jpg

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

24a and 24b personal and additional exemptions l.jpg

(24A and 24B)Personal and Additional Exemptions

Personal and additional exemptions l.jpg
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 l.jpg
Personal and Additional Exemptions

For head of the Family

  • Php 50 000.00

Personal and additional exemptions12 l.jpg
Personal and Additional Exemptions

For employed married individual

  • Php50,000.00 + (Number of dependent child x Php 25,000.00)

Slide13 l.jpg

(24C and 24D)Premium paid on health and/or hospitalization insurance not to exceed Php 2,400 per year

Slide14 l.jpg

(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)

25a and 25b taxable income taxable income gross taxable income total exemptions l.jpg

(25A and 25B)Taxable IncomeTaxable Income = Gross Taxable Income – Total Exemptions

26a and 26b tax due l.jpg

(26A and 26B)Tax Due

26a and 26b tax due17 l.jpg
(26A and 26B)Tax Due

26a and 26b tax due18 l.jpg
(26A and 26B)Tax Due

27a and 27b amount of taxes withheld from salaries for the whole year l.jpg
(27A and 27B)Amount of Taxes withheld from salaries for the whole year

27c and 27d foreign tax credit l.jpg
(27C and 27D)Foreign Tax Credit

27e and 27f tax paid in return previously filed if this is an amended return l.jpg
(27E and 27F)Tax Paid in return previously filed, if this is an amended return

Slide22 l.jpg

(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 l.jpg
(27I and 27J)Total Tax Credits/ Payments(27A+27C+27E+27G)(27B+27D+27F+27H)

28a and 28b tax payable tax payable tax due total tax credits payments l.jpg
(28A and 28B)Tax Payable Tax Payable= Tax Due - Total Tax Credits/Payments

29a 29b 29c 29d 29e 29f penalties surcharges interest compromise l.jpg
(29A,29B,29C,29D,29E,29F)Penalties, Surcharges, Interest, Compromise

29g and 29h total penalties l.jpg
(29G and 29H)Total Penalties

30a and 30b total amount payable total amount payable tax payable total penalties l.jpg
(30A and 30B)Total Amount PayableTotal Amount Payable = Tax Payable + Total Penalties

30c aggregate amount payable 30 a 30b l.jpg
(30C)Aggregate amount Payable(30 A +30B)

32 amount still due on or before july 15 if taxpayer is allowed to pay by installment 30c 31 l.jpg
(32) Amount Still Due on or before July 15, if taxpayer is allowed to pay by installment(30C - 31)