[Ask the Tax Whiz] Can I amend my income tax return?

As provided in Revenue Memorandum Circular No. 46-2021, an annual income tax return (AITR) filed on or before the April 15 deadline may be amended not later than May 15, 2021. If the amended return results in additional payment, no penalties shall be imposed. If it leads to overpayment of taxes, the taxpayer may opt to carry over the excess payment as credit against the tax due for the same tax type in the succeeding period, or choose to get a refund.

Do we need to have our AITR stamped or received by the Bureau of Internal Revenue (BIR) together with the audited financial statements and other required attachments? When is the deadline for submission of required attachments? Can we do it online?

There is no need to have your electronically filed AITR received by the BIR as long as you secure confirmation via email. Submission of required attachments must be within 15 days from the deadline of filing or date of electronic filing of the returns, whichever comes later.

You can submit online. Taxpayers are encouraged to submit the required attachments via eAFS available on the BIR website.

We actually filed our AITR earlier even before the signing of the CREATE law, using 30% corporate income tax. Can we amend our AITR to use the transitory rate provided in the implementing rules and regulations issued by the BIR on or before May 15, 2021? Do we still need to submit attachments? When is the deadline?

Yes. Taxpayers may amend their AITR to use the transitory rate provided in Revenue Regulation 5-2021. The required attachments for amended returns will be due within 15 days from the date of filing of amended returns or not later than 15 days from May 15, 2021.

Due to confusion, we erroneously filed BIR Form 1701 instead of Form 1701A. Can I amend my return by filing BIR Form 1701A? Can I use the TaxWhizPH mobile app to do it so I can ask questions before I file my amended return? Is it BIR-accredited already?

You cannot amend your erroneously filed BIR Form 1701 by filing Form 1701A. You need to inform the revenue district office where you are registered.

However, you still need to file the correct BIR Form 1701A. For that, you can use the TaxWhizPH mobile app. And yes, it’s BIR-accredited. You can ask tax and business-related questions anytime, anywhere, to avoid unnecessary penalties or errors.

Download the TaxWhizPH mobile app for free! Visit www.taxwhiz.ph for more information or follow its Facebook, Instagram, and YouTube accounts: TaxWhizPH.

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– Rappler.com

Mon Abrea, CPA, MBA, is the co-chair of the Paying Taxes-EODB Task Force. With the TaxWhizPH mobile app as his brainchild, he was recognized as one of the Outstanding Young Persons of the World, an Asia CEO Young Leader, and one of the Ten Outstanding Young Men of the Philippines because of his tax advocacy and expertise. Currently, he is the chairman and CEO of the Asian Consulting Group and trustee of the Center for Strategic Reforms of the Philippines – the advocacy partner of the Bureau of Internal Revenue, Department of Trade and Industry, and Anti-Red Tape Authority on ease of doing business and tax reform. Visit www.acg.ph for more information or email him at mon@acg.ph and download the TaxWhizPH app for free if you have tax questions.