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Author Topic: ITR 1701Q need help  (Read 19053 times)

printmix

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Re: ITR 1701Q need help
« Reply #15 on: April 08, 2009, 05:14:36 AM »
26. sales /revenue/reciepts -total sales.. ito yun total ng nasa sales invoice mo
     27.   add: Amount Rec'd....etc - kung wala edi 0.00
     28. Total  - equals lang sa 26
     29.    Less Total cost of sales and service - dito yun cost lang ng sales or services,, not necesarily lahat ng expenses mo

     30. Gross income  from operation- sales less cost of sale
     31.        add other income - other income kung meron kang ibang income na nag arise beside dun sa income mo galing sa operation.. like interest income .. etc..
     32. Total Gross Income - income from operation plus other income     33.        less deductions - total ng expenses mo
     34. Taxable income this quarter - gross income less deductions
     35.        add taxable income previous quarter - kung 1st qtr syempre 0 ito
     36. Taxable income to date - add lang ang 34 + 35
     37. Tax due depende sa tax table.. makikita mo yun sa site ng BIR..  www.bir.gov.ph

you can send me your datas... sa [email protected]... help kita... you can also add me sa ym same id po...

sana nakatulong ako  :-)

tanong ko lang po sa 33, ito po ba yung total expenses, means lahat ng nasa cash disbursement book

and yung mga comp*tation po ba nito eh based for 3 months(buong quarter)

zarah_05

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Re: ITR 1701Q need help
« Reply #16 on: April 08, 2009, 02:52:48 PM »
1701Q po ung s sole, noh pong form gagamitin if partnership or corporation? thanx po...
xxxxxx

jhaypatts

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Re: ITR 1701Q need help
« Reply #17 on: April 08, 2009, 08:20:01 PM »
1701Q po ung s sole, noh pong form gagamitin if partnership or corporation? thanx po...
1702Q

26. sales /revenue/reciepts -total sales.. ito yun total ng nasa sales invoice mo
     27.   add: Amount Rec'd....etc - kung wala edi 0.00
     28. Total  - equals lang sa 26
     29.    Less Total cost of sales and service - dito yun cost lang ng sales or services,, not necesarily lahat ng expenses mo

     30. Gross income  from operation- sales less cost of sale
     31.        add other income - other income kung meron kang ibang income na nag arise beside dun sa income mo galing sa operation.. like interest income .. etc..
     32. Total Gross Income - income from operation plus other income     33.        less deductions - total ng expenses mo
     34. Taxable income this quarter - gross income less deductions
     35.        add taxable income previous quarter - kung 1st qtr syempre 0 ito
     36. Taxable income to date - add lang ang 34 + 35
     37. Tax due depende sa tax table.. makikita mo yun sa site ng BIR..  www.bir.gov.ph

you can send me your datas... sa [email protected]... help kita... you can also add me sa ym same id po...

sana nakatulong ako  :-)

tanong ko lang po sa 33, ito po ba yung total expenses, means lahat ng nasa cash disbursement book

and yung mga comp*tation po ba nito eh based for 3 months(buong quarter)
allowable deductions yan.

Pareho po kami ng tanong ni carrot carrot, included po ba ang personal exemption sa deductions ng quarterly income tax return?  Kasi kung hindi included, ang laki ng tax na babayaran for the first 3 quarters tapos pag compute ng annual, overpayment na.

For example:
Tax Payments ko for the first 3 quarters = P600
Pero ang annual tax payable ko = P450 lang

Normal lang ba na hindi tugma ang quarterly sa annual?
dapat din maglagay ka ng personal deduction... normal lang din.
Hi,

Question sa mga experts... I started a laundry biz last July 2008. I forgot to file 1701Q. I thought year end lang kailangan mag-file. If I opt to do the OSD, kailangan pa rin ba mag-file ng 1701Q? Aside from the 0605 (start of the year), 2551M (monthly non-vat) and the 1601E (monthly for rent), 1701Q (quarterly) and 1701 (annual). Meron pa ba kailangan i-file? First time entrepreneur kasi kaya dami ko di alam.
oo naman.. need ifile... bago ka magfile, tignan mo po muna kung ano ang dapat mong ifile.... tignan mo Certificate of Registration (Form 2303) mo. sa tax type portion, yan lahat ang dpat mong ifile....
Saan bookes ang basis ng cost of sales, can any body give sample
halimbawa po bumili ako ng isang Rim ng bond paper, syempre ang nakalagay sa cash disbursement eh 1 rim, pero 3 lang nagamit ko for the quarter..syempre po ang cost of sales ko eh yung 3 bond paper, how can the BIR determined na tama yung nilagay ko na cost of sales, saan ko pwede i-based yung cost of sales.

2nd question po.:
 sa cash reciept book pwede ba ako maglagay ng column for the cost of sales, at pwede ba mag lagay ng detailed description para sa mga sales ko.
as long naman na tama comp*tation mo. tama na rin sa BIR. unless may mga abnormalities. exmaple. hindi tally ang purchases mo, inventory beginning mo, inventory end.... kung ako sayo, wag na.



thanks

jhaypatts
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joel_h

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Re: ITR 1701Q need help
« Reply #18 on: April 09, 2009, 08:10:48 AM »
@sir jay
sa no. 33 ng 1701Q - hindi pala ito yung lahat ng expenses, ito pala yung personal excemption - tama po ba
what are the allowable deduction

@all
saan makikita ang personal exemption

« Last Edit: April 09, 2009, 08:55:50 AM by joel_h »

jhaypatts

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Re: ITR 1701Q need help
« Reply #19 on: April 09, 2009, 11:14:41 AM »
opo
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jhaypatts

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Re: ITR 1701Q need help
« Reply #20 on: April 09, 2009, 11:15:41 AM »
personal deductions....

for 2009
single 50K
head of the family 50k
married 50k

dpendents 25k (maximum of 4 dependent only)
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joel_h

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Re: ITR 1701Q need help
« Reply #21 on: April 10, 2009, 07:27:58 AM »
Let me summarized everything according sa pagkakaintindi ng wala background sa accounting:

26. sales /revenue/reciepts -ito yung nakalagay sa cash reciept books ko     27.   add: Amount Rec'd....etc - blank lang
     28. Total  - equals lang sa 26
     29.    Less Total cost of sales and service - yung directly naka affect sa cost ng service     
     30. Gross income  from operation- "ito bayung sa 26 less      29"   
      31.        add other income -zero lang kung wala
     32. Total Gross Income - equals lang sa30
     33.        less deductions - personal exemption, like head of d family etc..     
     34. Taxable income this quarter - 32 less 33
     35.        add taxable income previous quarter
     36. Taxable income to date - add lang 34 + 35
     37. Tax due - ito yung makikita sa likod ng  form 1701Q

tama po ba:

add question
1. kung yung 33 ay personal excemption, saan ko po magagamit yung mga other expences ko like, rent, transportation, liscence and tax..etc

2. paano kung mas malaki pa yung personal excemption ko kayusa kinita ko.

3. paano po process nito bayad muna sa banko tapos pa resive sa BIR
    or pa resive muna bagao bayad sa banko

to our good accountant there pls. check

onlinecpa

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Re: ITR 1701Q need help
« Reply #22 on: April 10, 2009, 03:10:49 PM »
gross income from operation less allowable deductions (d2 mo mgagamit ung other expenses mo aside from ur cost of sales) = net income
net income less personal exemption = taxable income

joel_h

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Re: ITR 1701Q need help
« Reply #23 on: April 10, 2009, 04:17:10 PM »
gross income from operation less allowable deductions (d2 mo mgagamit ung other expenses mo aside from ur cost of sales) = net income
net income less personal exemption = taxable income

ibig sabihin yung sa 33 hindi lang ito yung personal exemption, dito sa no 33 ko magagamit yung mga expenses ko...How can I determined the allowable expenses.

jhaypatts

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Re: ITR 1701Q need help
« Reply #24 on: April 10, 2009, 07:04:47 PM »
yes tama po
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jhaypatts

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Re: ITR 1701Q need help
« Reply #25 on: April 10, 2009, 07:06:27 PM »
please read my other post in determining the allowable deductions.


thanks
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joel_h

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Re: ITR 1701Q need help
« Reply #26 on: April 11, 2009, 05:16:44 PM »
allowable deduction:
personal exemption - hindi ko na pwede magamit kung yung spouse ko na ang nag claime ng personal exemption.

kung bibili ako ng printer para sa operation ko-allowable deduction ba ito.

ano ang entry ko sa CDB para sa allowable deduction at anong entry naman para sa hindi allowable deduction

voyet

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Re: ITR 1701Q need help
« Reply #27 on: April 14, 2009, 05:45:58 PM »
ung payments sa previous quarters (mar, jun, sep) to be deducted dba sa tax due sa annual itr? pano kung mas mataas ung total ng 3quarters against sa tax due?

jhaypatts

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Re: ITR 1701Q need help
« Reply #28 on: April 15, 2009, 06:58:17 PM »
1. elo... about sa personal deduction, meron po kayo bawat isa... ang magiging problem lang ay additional personal deduction. ito ay mga dependents natin. kung asawa mo gumamit hindi na pede sayo unless kaw naman ang gagamit at syempre wala na sa spouse mo.

2. about sa personal deduction dapatpo ilagay natin sa 27 nyo po ilgay hindi sa 34.

3. oo naman allowable po under depreciation.... ang entry mo po is Computer Equipment dr then cash cr.... opo sa CDB... then pag nagdepreciate ka. depreciation exp dr then cr accumulated depreciation under general journal.

4. opo deduction po sa tax due... refundable pag mas mataas


thanks
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mjane

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Re: ITR 1701Q need help
« Reply #29 on: April 17, 2009, 05:29:19 PM »
@sir jay
sa no. 33 ng 1701Q - hindi pala ito yung lahat ng expenses, ito pala yung personal excemption - tama po ba
what are the allowable deduction

@all
saan makikita ang personal exemption
]