Filing of Income Tax Returns is Extended!!!


April 11, 2012/Filing of Income Tax Returns is Extended!!!

There is no need to hurry this weekend as the Bureau of Internal Revenue (BIR) extends the deadline of the filing of the annual Income Tax Return (ITR) for the private sector up to Monday because April 15 this year is a Sunday.

BIR Commissioner Kim Jacinto Henares also assured that all offices of the BIR, including all Authorized Agent Banks (AAB) nationwide shall remain opened until 5pm on Saturday. AABs that normally close at 3pm are likewise asked to extend banking hours up to 5pm on Saturday.

At the BIR District Office in Mandaue City, Cebu today it’s been observed that income tax filers are not that many.Filers are usually cramming at the last day of the filing of the ITR.

This year, the BIR is using an expanded form with more personal details of the filer at the first page of the three-fold form that consists of 6 long pages in a landscape format. The personal details now includes the email address and contact number of the filer.

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The new Income Tax Return form 1701 is a three-fold long sized paper with 6 pages. Spreading it would appear the form is longer than the height of a big picture frame.

However, the form like that of the ITR form 1701 above is described as more “computer-friendly” but very complicated to comprehend to many individual taxpayers. There are so detailed entries and are not in sequence unlike in the old forms that everything is summarized in the front page–from the gross compensation, taxable income, exemption, tax withheld, and up to tax due/to be refunded.

This blogger took about 2 hours to accomplish a set of three copies of the ITR 1701 form. :(

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