RR No. 19-2011: Prescribes the new Income Tax forms

Key points

1. Revised forms. The forms are BIR Form 1700 (purely compensation earners), BIR Form 1701 (self-employed individuals, estates and trusts) and BIR Form 1702 (corporations, partnerships and other non-individual taxpayers), all version November 2011.
2. Who must use them. All taxpayers required to file under Section 51(A)(1) of the Tax Code use the forms, as do those not required under Section 51(A)(2) who choose to file. Filing is due on or before April 15, 2012.
3. Fiscal year filers. Juridical entities following a fiscal year must use the new BIR Form 1702, starting with those whose fiscal year ends January 31, 2012.

Who is affected

• Taxpayers required to file Income Tax Returns under Section 51(A)(1)
• Taxpayers not required under Section 51(A)(2) who opt to file
• Juridical entities on a fiscal year

Deadlines and effectivity

• Covers calendar year 2011, due on or before April 15, 2012
• Fiscal year filers: starting with year ending January 31, 2012
• Takes effect covering income earned for taxable year 2011