Great news for BMBE taxpayers: filing your taxes just got simpler! If you qualify for income tax exemption under the BMBE law, you no longer need to worry about filing the 1701Q form. The BIR mandates only those subject to income tax to submit this form, giving you one less thing to do.
However, if you still wish to file your 1701Q form voluntarily, Taxumo has you covered! Our platform allows you to file this form with zero tax dues hassle-free. We've recently updated our 1701Q for BMBE, making the process even smoother. You might have noticed that the form no longer displays specific values for income and expenses, and your tax due is automatically set to zero.
Don't worry about those missing values; they haven't disappeared! The income and expenses line items in the form are defaulted to 0, but fear not—they find their rightful place on the Annual Income Tax Return (ITR) form. A separate schedule and fields in the ITR cater to BMBE taxpayers, ensuring that your cash flow details are accurately recorded for the BIR.
With these changes, tax filing for BMBE taxpayers has become more straightforward and stress-free. So, focus on your business, and let Taxumo handle your taxes with ease. Happy filing!
Ready to file your annual ITR form? Please refer to this article to get started!