Quiz on Annual Income Tax Return and Withholding Taxes

What BIR Form shall be use in filing Annual Income Tax Return?

• 1701

• 1701A

• 1702-RT

• All of the above

When is the deadline of filing for annual income tax return?

• April 15

• May 15

• August 15

• January 15

When is the deadline of filing for the 1st quarter income tax return for individuals?

• April 15

• May 15

• August 15

• January 15

What are the two types of deductions?

• Itemized Deductions

• Optional Standard Deductions

• Both a and b

• None of the above

Swift Smith Corporation is a foreign corporation receiving income from sources outside Philippines, is it required to file to file an income tax return in the Philippines?

• Yes

• No

What are the mandatory composition in filing Financial Statement pursuant to RR-7-2007?

• Balance Sheet

• Income Statement

• Statement of Cash Flows

• All of the above

The following are individuals who are not required to file income tax return, except:

• An individual whose sole income has been subjected to final withholding tax.

• A minimum wage earner as defined by the Regulations.

• Both a and b

• None of the above

Where to file and pay the income tax due?

• Authorized Agents Banks (AABs)

• Revenue Collection Officer

• All of the above

• None of the above

Who is responsible in filing Annual Income Tax Returns?

• Taxpayer

• Bookkeeper

• Accountant

• All of the above

The following are items deductible as expenses, except:

• Depreciation

• Interest

• Losses

• Personal Expenses