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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.

Orlando Calundan is a Certified Public Accountant by profession, a blogger by passion, a lawyer by ambition, a giver by affection and a simple guy who wants to make a difference.

  • 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.


    • 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. 🙂

  • Elenita Solomon

    May i ask again,,the deadline for the filing and payment of 1st quarter
    701Q, current year,,,is April 15,current year?? but the 2nd & 3rd qtr is due and payable 60 days after the end of the quarter? Thank you.

    • 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

  • May Daquilog

    Im a bookkeeper at CagayanGlass. Am just clarifying the deadline for !st QTR ITR for the corporation.

  • May Daquilog

    It is not clear to me the meaning of “on or before the 60th day following the close of each of the quarters of the taxable year” pls enlighten me because last 2015, we filed our 1st quarter last april 30, 2015 but today we have a penalty in the assessment per LOA assessments.

    • Corporation po? Pag corporation, May 30 and deadline. Pag individual/self-employed, April 15.

  • May Daquilog

    somebody can share his knowledge about the deadline of 1st quarter for the corporation? pls thanks.