source: gmanetwork.com
The April 15 deadline for filing annual income tax returns (ITRs) is just days away, but because the deadline falls on a Sunday this year, it was moved a day later to April 16.
Income taxpayers required to file their annual ITRs would do well to familiarize themselves with the new forms the Bureau of Internal Revenue (BIR) has prescribed for filing starting this year.
Aside from the new page orientation–from portrait to landscape–the new forms were designed to be scanned by an optical character reader so the BIR can input the data faster into its database.
The BIR also posted on its website interactive versions of the ITR forms to assist taxpayers in filling these out. There are different forms for purely compensation earners, the self-employed, professionals, businessmen, partnerships and corporations.
The following are not required to file ITRs:
An individual who is a minimum wage earner.
An individual whose gross income does not exceed his total personal and additional exemptions.
An individual whose compensation income derived from one employer does not exceed P60,000 and the income tax on which has been correctly withheld.
An individual whose income has been subjected to final withholding tax (alien employee as well as Filipino employee occupying the same position as that of the alien employee of regional headquarters and regional operating headquarters of multinational companies, petroleum service contractors and sub-contractors and offshore-banking units, non-resident aliens not engaged in trade or business)
Those who are qualified under “substituted filing.”
The ITR forms are downloadable from the BIR website.
The Bangko Sentral ng Pilipinas earlier authorized banks to extend their operating hours to 5 p.m. and to be open on Saturday, April 14. —Earl Victor Rosero/VS/HS, GMA News
source: gmanetwork.com
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