BIR Form 1601-EQ or the Quarterly Remittance Return of Creditable Income Taxes Withheld is used on remitting taxes that are withheld during the 3rd month of each taxable year.
To start generating your 1601-EQ report, you'll just have to access your dashboard and go to Withholding Tax Return, then proceed to 1601-EQ tab.
Follow these steps in creating your 1601-EQ report:
- Click the plus icon (Generate Report).
2. Select the Month and Year of your report then hit Generate.
You can start adding transactions by either:(1) By adding them manually or by (2) By importing CSV format transactions.
Adding Transaction(s) Manually
In the QAP Data section, you can start creating reports by clicking either the plus icon (Add Transaction(s)) or the CREATE TRANSACTION(s)button.
In case that your vendor isn't a part of your contacts, you can easily add them by clicking the Add as New Contact link.
It will prompt you to a form where you could fill out all the important information of the vendor such as Contact Type, TIN and Address. Click Save button to continue.
Once added, you can already start adding other information such as Description,Reference No., Date, Amount and ATC. Hit SAVE buitton to continue.
After saving, your transaction will appear in the 1601-EQ grid. You can edit, delete, bulk edit, export, search and navigate through your transactions list.
Importing Transactions through CSV
You can also import your transactions in bulk for your 1601-EQ report. All you need to do is to have a CSV file containing your transaction information. Click the Import Transaction(s) button to begin.
Once you are prompted to the Import CSV transactions modal, you need to click the download links in order to obtain a copy of the file.
There are two files which are available:
a. CSV file - This is the actual CSV containing fields such as Vendor TIN, Date, Amount, Vendor Name, Description, Reference No. and ATC.
b. ATC Codes - As for the ATC field in the first CSV file, you can choose within the ATC codes present in this CSV spreasheet.
Once you had completed the CSV file, you may now proceed on importing it to your 1601-EQ report.
You need to go back to the Import Transaction(s) modal and click the Browse button.
Locate for your CSV file and click Open.
After that, you need to click Next button.
Map the fields of your CSV file with the appropriate transaction fields.
Make sure to review the mapped transactions before continuing, and once finished, click DONE.
To do mass editing of your transactions, click the transactions that you need then click the Edit All icon.
Preview of the Report
You can also access a preview of the actual report by clicking on the Report tab next to Summary.
Over Remittance in Reports
An over remittance will be shown in your report in the form of a negative number, and is located in Section 25 as well as reflecting in Section 30 of your 1601-EQ form.
You have the option to choose whether your amount should (1) be refunded, (2) to be issued tax credit certificate, or (3) to be carried over the next quarter.
Notes and Activity
To see the audit trail of activities made within the report, all you need to do is to click the Notes & Activity tab.
Filing the Report
Simply file your report by following the guidelines mentioned in this article through our Help site.
Paying the Return
Follow the steps in this article for you be to able to pay your filed tax return in JuanTax.