QUIZ 9 RETURNS AND PAYMENT OF TAX

Question 1

BIR Form No. 1701 will be filed by the following individuals, except:

*

• A resident alien, non-resident citizen or non-resident alien individual engaged in trade, business or practice of profession within the Philippines.
• All of the choices
• A resident citizen engaged in trade, business, or practice of profession within and without the Philippines.
• None of the choices
• An individual who is exempt from income tax pursuant to the provisions of the Tax Code and other laws, general or special.
• An individual engaged in trade or business or in the exercise of their profession and receiving compensation income as well.

Answer 1

• An individual who is exempt from income tax pursuant to the provisions of the Tax Code and other laws, general or special.

Question 2

An individual whose sole income has been subjected to final withholding tax will need to file BIR Form No. 1700.

TRUE
FALSE

Answer 2

FALSE

Question 3

BIR Form No. 1702-RT, BIR Form No. 1702-EX and BIR Form No. 1702-MX are filed, with or without payment, on or before the 15th day of the 4th month following close of the taxpayer’s taxable year.

TRUE
FALSE

Answer 3

TRUE

Question 4

This return shall be filed by a Corporation, Partnership and Other Non-Individual Taxpayer EXEMPT under the Tax Code, as amended [Sec. 30 and those exempted in Sec. 27(C)] and other Special Laws WITH NO OTHER TAXABLE INCOME such as but not limited to foundations, cooperatives, charitable institutions, non-stock and non-profit educational institutions, General Professional Partnership (GPP) etc.

Answer 4

1702-EX

Question 5

This return shall be filed by every Corporation, Partnership and Other Non-Individual Taxpayer with MIXED Income subject to MULTIPLE INCOME TAX RATES or with income subject to SPECIAL/PREFERENTIAL RATE.

Answer 5

1702-MX

Question 6

This return shall be filed by a trustee of a trust, guardian of a minor, executor/administrator of an estate, or any person acting in any fiduciary capacity for any person, where such trust, estate, minor, or person is engaged in trade or business.

Answer 6

1701A

Question 7

This return shall be filed by every resident citizen deriving compensation income from all sources, or resident alien and non-resident citizen with respect to compensation income from within the Philippines.

Answer 7

1700

Question 8

The corporate quarterly income tax return shall be filed always with 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.

TRUE
FALSE

Answer 8

FALSE

Question 9

BIR Form No. 1701A is filed only by individuals who are subject to graduated income tax rates and availed of the optional standard deduction as method of deduction, regardless of the amount of sales/receipts and other non-operating income.

TRUE
FALSE

Answer 9

TRUE

Question 10

BIR Form No. 1701A is filed on or before April 15 of each year covering income for the preceding taxable year.

TRUE
FALSE

Answer 10

TRUE

Question 11

A trustee of a trust, guardian of a minor, executor/administrator of an estate, or any person acting in any fiduciary capacity for any person, where such trust, estate, minor, or person is engaged in trade or business will need to file BIR Form No. 1701Q on or before August 15 of the current taxable year for the 1st quarter.

TRUE
FALSE

Answer 11

FALSE

Question 12

BIR Form No. 1700 is filed by individuals earning income purely from business/profession.

TRUE
FALSE

Answer 12

FALSE

Question 13

BIR Forms should be always accomplished and signed by a CPA

TRUE
FALSE

Answer 13

FALSE