Yes, a taxpayer who opts for the OSD as the deduction to arrive at the taxable income subject to the graduated income tax rates is exempt from FS submission.
Continue ReadingA professional or self-employed did not avail of the 8% and opt for the graduated table but claimed the OSD, can he be exempt from FS submission?
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Are those who opted and are qualified for the 8%income Tax rate still required to attach the Financial Statement when filing an AITR?
No, the Financial Statement is not required to be attached when filing an AITR for those who opt and quality for the 8% income tax rate.
Continue ReadingIs an employee who resigned before the year ends with only one employer for the year required to file an AITR?
No, the employee is not required to file an AITR if there is only one employer during the year and the amount and of withheld tax is equal to the income tax due for the taxable year.
Continue ReadingIs an employee who-is earning purely compensation income not exceeding P250,000 from a lone employer still need to file an Annual Income Tax Return (AITR)?
No, an employee earning purely compensation income that does not exceed P250,000 from a lone employer is not required to file an AITR. In the case, the employer shall include the name of such employee in the alpha list to be submitted to the BIR. However, an employee is required to file an AITR for…
Continue ReadingCan eFPS filers still use the staggered filing allowed before in filing the creditable and final withholding tax forms/returns to avoid eFPS downtime?
. Yes, the same rules still apply with regards to eFPS filers who can file the withholding tax forms/returns on staggered basis depending on industry grouping.
Continue ReadingThe Creditable Withholding Tax Certificate and Form No. 1604C/F were not included in the TRAIN Law. Do we still need to file/issue them?
Yes, existing rules shall still apply since the TRAIN Law did not make amendments on these issues.
Continue ReadingAre the certificates of tax withheld filed by the employers and duly stamped “received” by the Bureau tantamount to the substituted filing of Annual Income Tax Returns (AITR) of the employees?
Yes, it applies to all qualified employees. As discussed under RR No. 11-2018. “Qualified employees are those whose income comes from a lone employer and the tax due on the compensation income was correctly withheld by the employer.” Under the same RR, the Certificates of Tax Withheld shall refer to the Certified List of Employees…
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when they are checking whether your business is complying with its Tax obligations,