Pursuant to the Tax Reform for Acceleration and Inclusion (Train) Law, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular 17-2019, requiring individual taxpayers to use the latest version of BIR Form 1701A, or the annual income tax return for individuals earning purely from business or profession, in filing their annual income tax return and paying their income tax dues for calendar year 2018 on or before April 15, 2019.
The new BIR Form 1701A is applicable whether the taxpayer has opted to use the eight (8) percent flat income tax rate or the graduated income tax rates with optional standard deduction or itemized deduction as the mode of deductions.
Taxpayer shall file and/or pay through the following mode:
Taxpayer shall fill out the applicable fields/items in the new return and if there is any payment made using the old return, he/she shall indicate the amount paid in Item No. 61 (Tax Paid in Return Previously Filed, if this is an Amended Return) of the new return. If the computation resulted to a payable, taxpayer shall pay the tax still due thereon in accordance with number three (3) above of this RMC.