One distinct downside of eBIR is having both the updated and outdated forms in the system. Since both updated and outdated forms are available, is it alright to use old forms to file tax returns?
Our advice, always use updated tax forms.
What if a transaction was made before a tax form update?
It doesn’t matter if the transaction happened before a form update. Always, use updated tax forms.
With the implementation of the TRAIN Law, the BIR is constantly updating tax forms to cater to rapid changes in our economy. The agency occasionally releases new forms to use for filing your returns. If you are new taxpayer, keep calm. These changes cause confusion not only to you but tax veterans as well.
What if I really want to use the old forms?
Old forms can be used as a basis for comparing new forms. That’s about it.
If you mistakenly file using an old form, chances are your tax return won’t be accepted as an official filing. You might also incur penalties such as Compromise, Plus Surcharge and so much more. View the penalties here.
It will still be best for your time and effort to use the latest versions of the forms t to ensure an easier transaction and avoid complications with the BIR. The new TRAIN law has drastically changed and is continuously reshaping the accustomed tax laws and processes. This is why some of the old forms may not as be as accurate to date.
Always use the latest forms issued by the BIR. It doesn’t matter if the transaction was made prior to a tax form revision. Proper tax compliance is about getting up to date and executing the changes implemented by the agency.
eBIR Forms Package Changes under v7.3
All current forms are still applicable to be used unless stated otherwise. Changes under the new version of the eBIR forms include the following:
1. BIR Form No. 1601Cv2018 – Monthly Remittance Return of Income Taxes Withheld on Compensation
2. BIR Form No. 1602Qv2018 – Quarterly Remittance of Final Income Taxes Withheld on Interest Paid on Deposits Substitutes/Trusts/Etc.
3. BIR Form No. 1603Qv2018 – Quarterly Remittance Return of Final Income Taxes Withheld on Fringe Benefits Paid to Employees Other Than Rank & File
At JuanTax, we’ll let you focus on running your business while we handle your tax leg work. Skip the hassle of keeping up to date with the changes here. Talk to us and let us help you get your #TaxDoneRight!