New Quarterly Income Tax Returns (1702Q and 1701Q)

Some of us may have already filed our income tax returns in the new format prescribed by the Bureau of Internal Revenue (BIR).  These new tax returns may be downloaded here.  You can also visit in the list of all downloadable free BIR Forms here.

For corporations, partnerships, non-individual taxpayers, self-employed individuals, estates and trusts, they are subject to quarterly filing of quarterly income tax returns.

The corporate quarterly income tax return shall be filed with or without payment within sixty (60) days following the close of each of the first three (3) quarters of the taxable year whether calendar or fiscal year.

For self-employed individuals, estates and trusts following are the deadline of filing:

1st qtr On or before April 15 of the current taxable year
2nd qtr On or before August 15 of the current taxable year
3rd qtr On or before November 15 of the current taxable year

Relative to the issuance of the new annual income tax returns (1700, 1701 and 1702) are there new quarterly income tax returns (1701Q and 1702Q) issued by the BIR?

The BIR has NOT issued any updated or latest form aligned with the new annual income tax returns.  Individuals, estate, trust and entities who are required to file quarterly tax returns should use the old quarterly tax returns as follows (click to download):

There were no changes on how the income tax due and income tax still payable are computed.  For the guidance on how to compute quarterly tax due/payable, refer to out posts which will be updated shortly.  For the mean time, please refer to the provision of the tax code and relevant revenue issuances in the BIR website.


Disclaimer: Opinions expressed in this article are that of the author and information provided are for general conceptual guidance for public information and are not substitute for expert advice. Contact support@philcpa.org for more information and if you want to avail professional services. Find us on Facebook!


Orlando Calundan is a CPA who has exposures in FS audit of entities in various industries such as real estate, food/restaurants, manufacturing, service organizations and BPOs, automotive, holding/investment companies and more. He also has exposure on internal audit engagements.

41 Responses to “New Quarterly Income Tax Returns (1702Q and 1701Q)”

  1. maritesa says:

    can you set up an accounting entry for this:
    net income for 1st quarter (jan-mar) P 3,933,090.24

    Tax Payable @30% 1,179,927.07
    Creditable Tax (1st qtr) (162,455.24)
    Creditable Tax Prior Year (141,885.36)
    Tax Due & payable 875,586.47

    • leecpa says:

      Hi Tesa. I doesn’t seem to be so challenging. Is this a test? Well, the entry is:
      (dr) Provision for income tax
      (cr) Creditable taxes
      (cr) Income tax payable
      Just plot in the amounts.

  2. Mark says:

    Hello po,
    Contract of service employee po ako sa isang government office. Since walang employee-employer relationship, professional income/business tax daw po ang dapat ko bayaran. Nagbayad po ako ng annual registration fee sa BIR at kinakaltasan po ako sa payroll ng 5% bimonthly. Sa babayaran ko po bang quarterly tax, maaari ko po ba isama sa itemized deduction ang kinakaltas sa akin na 5% at ang mga personal kong binayaran na SSS, Philhealth, Pagibig at HMO/medical insurance contributions?

    Salamat po.

    Mark

    • leecpa says:

      H Mark, what is the BIR form being issued to you by that government office. You have to look at it, whether the tax withheld you you is sa FINAL or a CREDITABLE withholding tax. Either way, di mo sya pwedeng i-claim as deduction as expenses, pero pag creditable withholding tax sya, pwede mo sya ideduct sa tax due. Meaning deduction sa tax payable. With regards, to SSS, Philheath, etc. di din sya deductible as expense sa income mo. Yung pwede ideduct eh say for example may empleyado ka business mo, binayaran mo SSS etc nila. Pwede iclaim yun as expense. :)

  3. Melanie Ynah Avila says:

    should i still file even if we dont have income for the first quarter? what should ii put in the form?

  4. Yes. Some leaves the amount zero if really no operation but if you have expense, of course you have to reflect those. Some puts a "NO OPERATION" in the face of the quarterly returns if there is really no activity. :)

  5. hi sir, is the monthly percentage tax deductible to Quarterly Income Tax Return? THanks

  6. yes Mr. orlando calundan

  7. Anne Aceveda says:

    Hello. What were the allowable deductions below the gross income? thanks

  8. Yes, it is deductible when availing itemized deductions.

  9. Hi Sansan! All expense not otherwise disallowed are allowable as deductions below gross income. Too many to mention. :) Reading the tax code will answer your question.

  10. Good afternoon, ask ko lang sana kung paano po computin kung negative ang quarter income (loss)? Many thanks.

  11. Raul D. Calzado says:

    Sir gud day, how about the 4th qtr. deadline of 1701Q?

  12. Marilyn Tan says:

    Sir 1701q kailan mo na -include sa efps? matagal na po ba?

  13. Wala pong 4th quarter na 1701Q.. Annual na po yun, 1701 na deadline is April 15.. File early na lang po para iwas abala..

  14. No payment po.. instead you can use that loss para sa next na quarter..

  15. If I am a self-employed business man do I need to really pay the quarterly 1701Q? can I not just pay on a semester or annual term? thanks

  16. Ric de Paz says:

    pano po ba magcompute ng 1702Q?

  17. Paano po ba magsend ng 1702Q online?Ano po ba gagamiting site?

  18. hello sir i have already submit 1702q pero nag appears sa inbox ko is unable to deliver

  19. question po .. paano pag no income? since hindi pa naman talalga nag start ang operation.. puro gastos pa lang talaga.. 2nd quarter na nag start yung ops

  20. file pa din po pero no operation lang

  21. san nyo po nasend?efps ba kau o ebir form lng?

  22. Christopher Raymundo Leyson nalilito kasi ako paano yung pag fill up eh … never ko kasi sya pinractice for how many years, and kay google lang ako nag dedepend and sa books kaso puro individual ung nakikita kong sample hindi corp

  23. Kay Aguilar says:

    Philippine Accounting Updates hi sir.. to have clarification lng po sa answer nyo dito.. how i can use the negative result of previous quarter to the next quarter? is it under 38C of 1701Q form? if negative it will be added to the tax due instead mabawas? tama po ba? or should put zero nlang?

  24. Good Day sir, ask ko po ang difference ng efps sa ebir form? if ebir form, need po ba mag submit ng soft copy monthly sa BIR? let say percentage tax?

  25. Wala pa akong email from bir with regards sa ebir ko pero nkapagsubmit na ako application matgal b talaga sila magreresponse lapit n nman kasi submission ng 1st quarter eh…

  26. I want to know more on how to fill up and compute in the Quarterly form.. what about if you have two businesses in the same owner ? do i have to issue on separate 1701Q form ? or i will merge it in one..

  27. Hi Sir! I have the same problem as Kay Aguilar in which case the 1701Q return for the first qtr showed a negative amount. Instead of including it in 38C, i added it to Q2 deductions.The result showed the exact amount of taxes payable as of the end of Q2. Tama po ba ang ginawa ko?

  28. anung email po ba isesend un 1702Q? i need it ASAP

  29. Hi sir! Di I need to attach 2307 or summary of tax payments and creditable withheld? may part kasi sa efps na pwede magattach but then my problem is anu po yung subject format ng zip file? thanks!

  30. nasa RR 26-2015 po ng bir website

  31. kung LTS po ang company nyo may bagong regulation po ang BIR na klangan iscan lahat ng 2307 ang ilagay sa CD. check nyo po regulation ng bir sa website nila

  32. i pressume different registration and different line ang business ng boss mo so separate po yan

  33. kung wla pa din ebir offline po kau magfile

  34. sa esubmission nyo na po isasubmit ang form, then magrereply ang bir sa email at yon ang iprint nyo at iattach sa form.

  35. JV Ober says:

    Gud am. Naguguluhan po ako. Ung po bang binabayaran na percentage tax buwan buan (2551m) e treated as expense to arrive at net taxable income? Or direct deduction po ba sya from income tax payable?

  36. Eah Mac says:

    hi, ask lang po, na-late po aq ng submit ng 1701Q via online, ano po magiging penalty ko?? please, badly need answer po.. thanks.

  37. applicable po ba ito sa mga Cooperative?

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