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Cebu
Saturday, September 25, 2021
CEBU

Tax Notes: New BIR Form 1701A for individuals now available

IN IMPLEMENTING the changes to income taxation for individuals under the Tax Reform for Acceleration and Inclusion (Train) Law, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular 17-2019, requiring individual taxpayers to use the latest version of BIR Form 1701A, or the annual income tax return for individuals earning purely from business or profession, in filing their annual income tax return and paying their income tax dues for calendar year 2018 on or before April 15, 2019.

The new BIR Form 1701A is applicable whether the taxpayer has opted to use the eight percent flat income tax rate or the graduated income tax rates with optional standard deduction or itemized deduction as the mode of deductions.

For eFPS filers who have filed and paid the income tax due for 2018 using the old return (BIR Form 1701), the taxpayer will be required to file the annual income tax return using the new BIR Form 1701A through offline eBIRForms Package v7.3 and to mark the return as an amended return. Any payment reflected in the old return must be presented under Item 61 (tax paid in return previously filed, if this is an amended return) of the new return.

Please be guided accordingly.

SOURCE:

P&A GRANT THORNTON

Certified Public Accountants

Punongbayan & Araullo (P&A) is the Philippine member firm

of Grant Thornton International Ltd.


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