#PHTax | Filing of income tax return and payment of tax

 
 
April 15 is the deadline for filing of income tax returns.

Every individual subject to income tax who is receiving self-employment income, whether it constitutes  the sole source of his income or in combination with salaries, wages and other fixed and determinable income, shall make and file a declaration of his estimated income for the current taxable year on or before April 15.
 

The Commissioner of the Bureau of Internal Revenue (BIR) may, in meritorious cases, grant a reasonable extension of time for filing returns of income.

The income tax return shall be filed with an authorized agent bank, Revenue District Officer, Collection Agent of duly authorized Treasurer of the city or municipality in which the taxpayer has his legal residence or place of employment or business is located.

Upon filing the return, the amount payable if any, shall be paid to an accredited bank.

When the tax due is in excess of P2,000.00, the taxpayer (except corporation) may elect to pay in two equal installments. The first installment to be paid at the time the return is filed and the second on or before July 15 of the same year.

Those who do not file and pay their income tax will be fined 25% or 50% of their income tax due per return and an additional 20% interest every year.
 
25% penalty is imposed in case of failure to file the return and pay the tax on time, file the return with the proper person, or pay on time the full amount of tax shown on any return or full amount of tax in case no return is required to be filed.

50% penalty is imposed in case of willful neglect to file the return on time or false or fraudulent return in willfully filed. There is a false or fraudulent return when there is a substantial under-declaration (more than 30%) of taxable sales, receipts or income or substantial overstatement (more than 30%) of deductions.

Why taxes are important? The taxes collected by the BIR fund the government's social services such as education, health care and infrastructure. The tax collections every year account for more than 70% of the government budget.
 

Avoid surcharge and interests. Make sure you file an ITR on time. Do your responsiblities.

This is a challenge to the government - put the public money in a good pot. Make sure to use it for the public welfare. The government of the people compensates you. Do your job.


Author: Paul Michael Camania Jaramillo

Student| Youth Advocate | Leader | Environmental Advocate | Writer | Blogger | RH Advocate

I am neither especially clever nor especially gifted. I am only very, very curious. — Albert Einstein
I write about darkness because I want to show the light — Jose Rizal


Paul is an Accountancy graduate from the Northwestern University. He works for VoicePoints. He was the former College Editors Guild of the Philippines-Ilocos Chairperson. He likes discussing tax issues. He was one of the finalists of the PWC Cup (Taxation and Payroll Accounting)

He has been involved in different advocacy and defending human rights. As a blogger, writer, netizen and an advocate, he has found focus & interest on sexuality & reproductive health, deaf rights & legal access and youth development, leadership, environment advocacy, issues in the nation and in the world, religion, culture and human rights At the age of 14, he has fully embraced the call of leadership.

He was a Lussoc National High School 'The Sring' and 'Ang Batis' news editor. A radical visionary leader, he has led organizations of the Supreme Student Government, Science Club, Youth for Environment in Schools Organization, Interact Club, Math Club, Philippine National Red Cross and other organizations in their institution. He was also awarded as a distinguished student leader as a former officer of the Supreme Student Government and received President Gloria Macapagal Arroyo Campus Journalism Award. He attended two National Leadership Training for the Student Government Officers, Rotary Youth Leadership Awards, Youth for Environment Summer Camp, Science Leaders Congress and Schools Press Conference. Joined and won in the several contests from their school to the national level.

He is an organist and an officer of the Church of Christ (Iglesia Ni Cristo).


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