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1701 bir 2024 Form: What You Should Know
BIR Form No. 1701 is a Form IT that is used by any individual whose annual income has not exceeded P2 million. The income is not reported yet. BIR Form No. 1701-P BIR Form No. 1701-P-S The term BIR Form No. 1701 means any individual who has not filed his or her annual income tax return for 2016, and is eligible to file the following year. The income amount for 2024 is above P2 million only if the total income of an individual on the last day of the previous year was over P2 million; the BIR Form No. 1701 is not applicable if the individual filed the income tax return for 2016. The individual is required to file his or her income tax return each year in the same calendar year (January 1st). If you are a person who makes a business in the Philippines and made a taxable income from that business during the last calendar year, you are also entitled to file the BIR Form No. 1701. Who must fill-out BIR Form No. 1701? The BIR Form No. 1701, if you are an individual living in the Philippine Islands, you can file the form whether you own or rent a home, whether your company is domiciled in the Philippines or not, except for the following: If you are not a resident of the Philippines or you do business in the Philippines, you are exempt. If you are not engaged in any form of trade or business or the practice of profession here, you are also exempt, as long as your home or your place of business is in the Philippines or is used by you and your dependents daily in the Philippine Islands, even when you are not physically present here. You or your spouse or domestic partner can file the BIR Form No. 1701 if you or your dependent children are employed in a domestic enterprise of which you are the sole shareholder. There can be more than 2 shareholders of a corporation owning shares. If you are not a resident in the Philippines, whether you own or rent a home, whether you are a firm, partnership, sole proprietorship, an association of unincorporated association, you can still file the BIR Form No. 1701. The income is not reported yet. You must qualify and file for the income tax.
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