Deadline for ITR filing tomorrow

Individual and corporate earners are expected to flock to banks and Revenue District Offices (RDO) of the Bureau of Internal Revenue to beat tomorrow's deadline for the filing of income tax returns.

The BIR recently issued Bank Bulletin 2008-05 ordering the extension of operating hour of banks and RDOs prior to the deadline on April 15.

Zorohaide de la Cruz of BIR-7 reminded taxpayers that a 25 percent surcharge and additional 20 percent of the taxes will be slapped as fines on those who fail to beat the deadline.

Those who were found to have submitted fake documents will be slapped with 50 percent fine as well as a possible criminal case.

On the other hand, the line may not be that long because of the “substituted filing” that has been recently practiced wherein salaried workers no longer file their ITRs since this is now done by their employers.

In this manner, they are only required to file their returns if taxes withheld from salaries are lesser than the amount of tax due.

The taxpayer then must pay his deficiency tax at the Authorized Agent Banks within the jurisdiction of the RDO.

Self-employed individuals and professionals who derive income from their work are required to file the returns.

The month of April has been declared by President Gloria Macapagal-Arroyo as Tax Awareness Month since 2005 to increase revenue collection. – Ferliza C. Contratista/LPM