Filing annual income tax returns in the Philippines is a critical obligation for corporate taxpayers. Among the various forms, , specifically the January 2018 version , is the standard return used by corporations, partnerships, and other non-individual entities subject to the regular corporate income tax.
Computation of Tax (Where you input Gross Income and Deductions ). Schedules: Schedule I: Ordinary Allowable Itemized Deductions. Schedule III: Net Operating Loss Carry Over (NOLCO).
: It is an annual return filed once every taxable year. Why Use an Excel Format for Form 1702-RT? bir form 1702 rt version 2018 excel format
The form includes several detailed schedules for itemized deductions, tax credits, and other special items:
| Line | Field Name | Description | | :--- | :--- | :--- | | 27 | Sales/Receipts/Revenues/Fees | Total gross sales/receipts | | 28 | Less: Sales Returns, Allowances and Discounts | Deductions from gross sales | | 29 | Net Sales/Receipts/Revenues/Fees | Line 27 minus Line 28 | | 30 | Less: Cost of Sales/Services | Direct costs of generating revenue | | 31 | Gross Income from Operation | Line 29 minus Line 30 | | 32 | Add: Other Taxable Income Not Subjected to Final Tax | Other income not subject to final withholding tax | | 33 | Total Taxable Income | Sum of Lines 31 and 32 | Filing annual income tax returns in the Philippines
: Includes details for sales, cost of services, itemized deductions, and reconciliation of net income per books against taxable income. Bureau of Internal Revenue Filing and Submission Guidelines
The , or the Annual Income Tax Return for Corporations, Partnerships, and other Non-Individual Taxpayers subject only to the Regular Income Tax Rate , is a critical compliance document for businesses in the Philippines. The January 2018 (ENCS) version introduced significant updates to align with modern tax regulations like the CREATE Act. What is BIR Form 1702-RT? Why Use an Excel Format for Form 1702-RT
Includes TIN, RDO Code, Registered Name, Address, and Date of Incorporation.
The , officially titled the Annual Income Tax Return for Corporation, Partnership, and Other Non-Individual Taxpayer Subject Only to REGULAR Income Tax Rate , is the annual tax return used by juridical entities to declare their yearly income and compute their tax liability.
BIR Form 1702-RT must be filed by corporations, partnerships, and other non-individual taxpayers whose entire net income is subject only to the regular income tax rate, typically 25% RCIT under the CREATE Act.