Monthly Remittance Return of Creditable Income Taxes Withheld
This document is used for the monthly remittance of creditable income taxes withheld by withholding agents. It should be filed in triplicate and submitted by every withholding agent, both individual and non-individual. Detailed instructions for filling out and submitting the form are provided.
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How do I fill this out?
Filling out this form requires you to provide information about the withholding agent, income payments, and the computed tax. Ensure all applicable spaces are filled and appropriate boxes marked with an 'X'. Carefully review your entries before submission.
How to fill out the Monthly Remittance Return of Creditable Income Taxes Withheld?
1
Fill in the applicable spaces and mark appropriate boxes.
2
Provide details about the withholding agent and income payments.
3
Calculate the total tax required to be withheld and remitted.
4
Add any penalties if applicable and determine the total amount still due.
5
Sign the form and submit it along with any necessary payment.
Who needs the Monthly Remittance Return of Creditable Income Taxes Withheld?
1
Withholding agents who need to remit creditable income taxes monthly.
2
Corporations required to withhold taxes on specific income payments.
3
Government bodies acting as withholding agents for income payments.
4
Fiduciaries responsible for filing financial returns on behalf of individuals, estates, or trusts.
5
Employers needing to report taxes withheld from employee payments.
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What are the instructions for submitting this form?
To submit this form, file it in triplicate by the 10th day of the month following the withholding. Use the Authorized Agent Bank (AAB) of your Revenue District Office, or submit it with the Revenue Collection Officer if there are no AABs. Be sure all required fields are accurately filled, and necessary signatures are in place. For those using EFPS, file electronically five days after the regular deadline. It's critical to comply with these instructions to avoid penalties.
What are the important dates for this form in 2024 and 2025?
The primary deadlines for filing and remitting taxes using BIR Form 1601-E are the 10th day of each month for the previous month's withholdings, and January 15 for amounts withheld in December.
What is the purpose of this form?
This form serves as the monthly return for creditable income taxes withheld by withholding agents. It ensures that proper tax amounts are remitted to the Bureau of Internal Revenue (BIR) on time. Accurate submission helps maintain compliance with tax regulations and avoid penalties.
Tell me about this form and its components and fields line-by-line.
- 1. Withholding Agent Information: Provide the TIN, RDO code, name, line of business or occupation, registered address, and telephone number.
- 2. Income Payment Details: Include the nature of income payment, corresponding ATC, tax base, tax rate, and tax required to be withheld.
- 3. Payments and Penalties: Compute the total tax required to be withheld, any taxes remitted previously, and penalties if applicable.
- 4. Declaration: Sign and declare that the return is made in good faith and accurate to the best of your knowledge.
- 5. Payment Details: Fill in payment particulars including bank details, check details, and others if applicable.
What happens if I fail to submit this form?
Failing to submit this form can result in various penalties and legal issues. Ensure timely and accurate submission to avoid complications.
- Surcharge: A surcharge of 25% to 50% depending on the offense.
- Interest: Interest charged at 20% per annum on the unpaid amount.
- Criminal Penalties: Possible imprisonment for up to 10 years and fines between P10,000 to P50,000.
How do I know when to use this form?
- 1. Monthly Remittance: For withholding agents required to remit taxes on a monthly basis.
- 2. Tax Reporting: To report credits and remittances made towards income tax.
- 3. Government Compliance: Mandatory submission for compliance with BIR regulations.
Frequently Asked Question
What is BIR Form 1601-E?
It is a monthly remittance return form for creditable income taxes withheld by withholding agents.
Who should file this form?
Every withholding agent, whether individual or non-individual, is required to file this form.
What details are required in this form?
Details about the withholding agent, income payments, and the computed tax are required.
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Yes, you can use PrintFriendly's PDF editor to make necessary changes directly on the form.
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Simply use the PDF editor to add your digital signature to the document.
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Yes, you can share the PDF via email or generate a shareable link through PrintFriendly.
What are the penalties for late submission of the form?
A surcharge of 25% for late filing, up to 50% for fraudulent entries, and interest at 20% per annum on unpaid taxes apply.
Is the form submission deadline strict?
Yes, the form and the payment must be submitted by the 10th day of the month following withholding, or by January 15th for December.
What happens if I provide false information?
Providing false information may lead to a 50% surcharge, fines, and imprisonment for up to 10 years.
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