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

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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:

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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.

  • maritesa

    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

      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.

  • Mark

    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

    • 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. 🙂

    • Jhoan Bsister

      Hi po! Ask ko lang po pano po sa 1701Q para sa 3rd Qtr., ‘ung taxable income ko po kc ‘nung last 2nd Qtr. is negative, and then para po sa filing ng 3rd Qtr., kelangan ‘ung taxable income for the prev. Qtr., include ko po ba na negative ‘ung prev. taxable income ko?

      • Yes po, include the loss from previous quarter/s.

  • ericah ramirez

    Hi Sir,

    Paano po kung hindi ako nakapag file ng 1st quarter ITR last April 15?
    ang nafile ko lang po yung annual return?
    may penalty po ba ako?

  • Jovencio M. Bareng, Jr.

    Hi, included po kami as LTS. Is it alright kung wala pa kaming attachment na 2307sa 1702 Q? Reason: our tenants are late in the submission of the same but we use them as credit in the payment of our tax liability. Our Company wrote them a request that they must provide us a corresponding 2307 for every payment they make. We only get the detail from their voucher for the 5% withholding. For whatever reason, late pa rin sila. Ano po ang implication sa pag fa file namin without 2307?

  • Mylaleen Rabe Calleja

    Hello po Sir. tatanong ko lang po kasi ngayon ko lang po napansin na yung 1702q ko last 2nd quarter lahat ng details dun po eh nasabay ko pa yung 1st quarter. Bali na doble po yung 1st quarter ko. ano po dapat gawin ngayong 3rd quarter po. ano po magiging adjustment ko. though negative naman po yung last 2 quarters ko po. thank you

    • Pwede mong ammend, para tumama. Ang importante naman eh tama na yung nasa annual (1702) return mo.

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