What is it?
BIR Form 1702-Q is a tax form used by non-individual taxpayers in the Philippines to file their quarterly income tax returns. The form contains sections that require corporations and partnerships to declare their income and expenses for the quarter to determine how much tax they owe.
Currently, the updated version of this form gives the tax filers the option to choose the total assets that are applicable to them (below or over P100 million). Check out this helpful guide to learn more about Generating 1702-Q in Fast File, Post-C.R.E.A.T.E. Bill.
Who needs to file?
This tax return shall be filed quarterly by any form of corporation, partnership, stock company, or association engaged in a trade or business within the Philippines.
When to file?
The deadline for submission is on or before the 60th day following the close of each of the quarters of the taxable year.
How to File?
To file a BIR Form 1702-Q in Fast File, follow the steps below:
STEP 1: From your portal, click on the Start Return button.
STEP 2: Select Income Tax Return and hit Next.
STEP 3: Choose 1702Q, then click the Next button.
STEP 4: Select the date of the transaction covered in this report. Choose from the Year and Quarter drop-down buttons, then click Next.
STEP 5: In the Filing Period section, select the correct ATC.
STEP 6: Enter all Background information properly based on your BIR Certificate of Registration (COR / Form 2303).
Certain parts of the form are already pre-populated based on the information that you have provided during the Organization setup.
STEP 7: Input your Tax Details on:
Schedule 1 - for the declaration of the current quarter
Schedule 2 - for the declaration of the current quarter with Regular/Normal rate
Schedule 3 - for computation of MCIT for the Quarter(s)
Schedule 4 - for Tax Credits/Payments
Note: To produce a Summary Alphalist of Withholding Tax (SAWT) attachment for this report, click the SAWT link next to Item 5 and add the source data.
You can choose to enter your data between SAWT or use the actual input field instead.
If you choose the input field, SAWT will be disabled.
If you choose to enter your data using SAWT, your data will flow from the SAWT to the input field and all the data will be consolidated. However, the input field will be disabled for any changes such as adding, editing, or deleting information.
STEP 8: Once the SAWT link (beside item 5) is clicked, a modal will appear where the attachment data can be entered.
Here are other Schedule modal functionalities that are worth checking:
A. Import Errors - this button lets you export the errors in your CSV file, allowing you to format the data in your CSV correctly before re-importing it back to Fast File
B. Import Status - status of your import and errors in your import file will appear here
C. Add Line - this button allows users to manually add the required information, such as:
Registered Name (If non-individual)
Last Name (if an individual)
D. Import SAWT Data - click this button to start importing your SAWT file
E. Remove Selected - this button will allow you to select and delete a whole line of
data from your schedule.
F. Reset - this allows you to remove all the data inside the modal and start afresh.
STEP 9: The Summary of Tax Due section is also pre-populated with the exact information included in your actual quarterly income tax form. That is why you need to go through all of the sections to make sure you are filing an accurate return.
That's it! You can now proceed to the payment stage by clicking the Filing Options button located on the top-right part of the page.
Please take note that your tax forms will be sent electronically to the BIR until 9 pm. Any forms that will be sent beyond that filing deadline will be transmitted within the next business day.
BIR Form 1702-Q is straight-out simple to fill out and complete. Get started on your tax-compliance journey today and start filing at https://juan.tax/fast-file 🤗