What is this form?
BIR Form 1702-RT, also known as the Annual Income Tax Return for Corporation, Partnership, and Other Non-Individual Taxpayer Subject Only to REGULAR Income Tax Rate, is a tax form that is filed by non-individual taxpayers whose earnings are subject to an income tax rate of 30%.
Who should file this form?
Corporation, Partnership, and other forms of Non-Individual entities that involve construction projects, petroleum, and other energy operations in accordance with the provisions listed within the tax code.
When to file this form?
On or before the 15th day of the 4th month after the closing of the taxable year.
How to File?
To file a BIR Form 1702-RT 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 1702RT then click the Next button.
STEP 4: Select the date of the transaction covered in this report. Select the year from the drop-down menu, then press Next.
STEP 5: In line with the changes that came with the C.R.E.A.T.E. law, users will see a banner in Fast File, giving them the option to choose between using the current tax rates or the C.R.E.A.T.E. law’s new rates.
With two simple clicks before filling out the form, changes to taxes under the C.R.E.A.T.E. law will be automatically adjusted and calculated for you based on the transitory rates provided in the regulation.
STEP 6: In the second section of the form, enter all your Background information properly based on your BIR Certificate of Registration (COR / Form 2303). Fill up the Taxpayer's Date of Incorporation/Organization (item 10) and select which Method of Deduction (item 13) to use.
Certain parts of the form are already pre-populated based on the information you provided during the organization setup.
STEP 7: Start setting the values of your Tax Details.
1.) Fill out the fields provided in item numbers 27 to 56 of the Computation of Tax sub-section (if applicable).
Important things to remember:
To produce a Summary Alphalist of Withholding Tax (SAWT) attachment for this report, click the SAWT link next to Item 49 and add the source data.
Once the sources are entered in SAWT, the Item 49 input field will be disabled for manual entry. If you decide to do a manual entry instead, simply click the reset button found in the SAWT modal.
Please keep in mind that filing an attachment with your BIR Form 1702-RT will incur an additional fee on top of the service fee per generation of forms.
Forms that are filed with zero or negative tax due payable are free of charge in Fast File.
Once the SAWT link (beside item 49) is clicked, a modal will appear where the attachments (if applicable) can be entered.
Here are the 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. Total Tax Amount - Displays the total tax amount based on the numbers you entered in the modal.
G. Reset Table- this allows you to remove all the data inside the modal and start afresh.
2.) Fill out the fields provided in item numbers 52 to 54 of the Tax Relief Availment sub-section (if applicable)
STEP 8: Provide necessary details for Part VI – Schedules 1-5 (if applicable).
Schedule 1 – Ordinary Allowable Deduction
Schedule 2 – Special Allowable Deduction
Schedule 3 – Computation of Net Operating Loss Carry Over
Schedule 3A – Computation of Available Net Operating Loss Carry Over
Schedule 4 – Computation of Minimum Corporate Income Tax
Schedule 5 – Reconciliation of Net Income per Books Against Taxable Income
STEP 9: The Summary of Tax Due/Overpayment section is also pre-populated with the exact information included in your actual tax form. That is why you need to go through all of the sections to make sure you that are filing an accurate return.
Once you're done filling up the tax form, click the Filing Options button located on the upper-right part of the page to allow the platform to determine if there are fields that have been overlooked.
Below is a sample pop-up message that will appear if a certain field hasn't been filled out properly.
STEP 10: Once all the data is validated and correct, click the Filing Options button again then check your billing charges. To proceed to the payment stage, simply click the File Now button.
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.
Check this article - To check out the key changes in Fast File before and after the C.R.E.A.T.E. bill has been implemented
Visit Academy - For a detailed discussion on how easy it is to populate, file, and pay tax form 1700-RT in Fast File
Sign up here - If you don't have a JuanTax Academy account yet