Annual Income Tax Return for Self-Employed
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hitlersnipplesAnnual Income Tax Return for Self-Employed
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hitlersnipples- Annual Income Tax Return Form: This section contains fields and tables necessary for computing the regular tax rates and filling out an individual's annual income tax return.
Annual Income Tax Return BIR Form No.
For Self-Employed Individuals, Estates and Trusts
Subject to REGULAR Income Tax Only
1701
June 2013 (ENCS)
Page 2 170106/13ENCSP2
TIN Tax Filer’s Last Name
0 0 0 0
Part IV Computation of Income Tax- REGULAR RATE A) Taxpayer/Filer B) Spouse
41 Gross Compensation Income (From Schedule1 Item 5A1 / 5B1 )
42 Less: Non-Taxable / Exempt Compensation
43 Gross Taxable Compensation Income (Item 41 Less Item 42)
Less: Deductions
44 Premium on Health and/or Hospitalization Insurance (Not to Exceed P 2,400 / year)
45 Personal Exemption/Exemption for Estate and Trust
46 Additional Exemption
47 Total Deductions (Sum of Items 44 to 46)
48 Net Taxable Compensation Income (Item 43 Less Item 47)
OR
49 Excess of Deductions (Item 47 Less Item 43)
50 Net Sales/Revenues/Receipt/Fees (From Schedule 2 Item 5A / 5B)
51 Add: Other Taxable Income from Operations not Subject to Final Tax
(From Schedule 3 Item 3A / 3B)
52 Total Sales/Revenues/Receipts/Fees (Sum of Items 50 & 51)
53 Less: Cost of Sales/Services
(Not allowed for Tax Filer who opted for OSD) (From Schedule 4 Item 27A / 27B)
54 Gross Income from Business/Profession (Item 52 Less Item 53)
55 Add: Non-Operating Income (From Schedule 5 Item 6A / 6B)
56 Total Gross Income (Sum of Items 54 & 55)
Less: Allowable Deductions
57 Ordinary Allowable Itemized Deductions (From Schedule 6 Item 40A / 40B)
58 Special Allowable Itemized Deductions (From Schedule 7 Item 5A/5B)
59 Allowance for Net Operating Loss Carry Over (NOLCO)
(From Schedule 8A1 Item 8D / Schedule 8B1 Item 8D)
60 Total Allowable Itemized Deductions (Sum of Items 57 to 59)
OR
61 Optional Standard Deductions (OSD) (40% of Item 52-Total Sales/Receipts/Revenues/Fees)
(NOTE: If all income is subject ONLY to Regular Income Tax Regime)
62 Taxable Income from Business/Profession(Item 56 Less Item 60 OR 61)
63 Add: Net Taxable Compensation Income(From Item 48A/48B)
64 Net Taxable Income (Sum of Items 62 & 63)
65 Less: Excess Deductions, if any (From Item 49) OR the Total
Deductions, if there is no compensation income (From Item 47)
66 TOTAL TAXABLE INCOME (Item 64 Less Item 65)
67 TAX DUE-REGULAR [Refer to Tax Table (Graduated Income Tax Rates) below]
Tax Table
If Taxable Income is: Tax Due is: If Taxable Income is: Tax Due is:
Not over P 10,000 5%
Over P 10,000 P 500 + 10% of the Over P 140,000 P 22,500 + 25% of the excess over
but not over P 30,000 excess over P 10,000 but not over P 250,000 P 140,000
Over P 30,000 P 2,500 + 15% of the Over P 250,000 P 50,000 + 30% of the excess over
but not over P 70,000 excess over P 30,000 but not over P 500,000 P 250,000
Over P 70,000 P 8,500 + 20% of the P 125,000 + 32% of the excess over
Over P 500,000
but not over P 140,000 excess over P 70,000 P 500,000
