Under the new Train Law, employees, self-employed individuals, professionals earning not more than 250,000 per year are exempted from paying income tax however, they are still required to file their income tax returns.
For employees earning purely compensation income, their employers will file the Income Tax return for them a.k.a. substitute filing.
For self-employed individuals with business or practicing profession, they are required to file Income Tax Return on a quarterly and annual basis.
For mixed income earners, i.e. with compensation income and with business or practicing professionals, they are also required to file ITRs on a quarterly and annual basis.
For corporations, partnerships, they are also required to file their income tax returns on a quarterly and annual basis even if they don't have profit or income from their operations.
Filing of Income Tax returns can be done online, even at home or in the office since BIR have already provided the forms which can be downloaded from their website while the payments can be online too or with the accredited authorized banks within your area.
For corporations, partnerships, they are also required to file their income tax returns on a quarterly and annual basis even if they don't have profit or income from their operations.
Filing of Income Tax returns can be done online, even at home or in the office since BIR have already provided the forms which can be downloaded from their website while the payments can be online too or with the accredited authorized banks within your area.
No comments:
Post a Comment