ITR (income tax return) help!

[ka_enteng]

sorry mang danny kung may thread ng ganeto, paki-merge na lang po.

hinahanap nila ang ITR ko para sa bank financing. ala ako maibigay sa ngayun, kasi di ko na ito naasikaso since umalis ako sa unang kong company 3 years ago. at ngayun, self employed na ako.

ngayun gusto kong i-update ito, pero ano sasabihin ko:

self employed na ako for 3 years at kumikita ng 25K buwan-buwan?

meron kaya akong penalty? kelangan ko bang bayaran yung 3 years na cover dun sa kita kong 25k monthly? mga magkano kaya?

help naman dyan. :(

[ka_enteng]

bump bago mahuli ang lahat

[KuyaDanny]

There are separate penalties for failure to file a return on time and failure to pay taxes on time. The bigger ones in your case are those for failure to pay the taxes. The penalties are a percentage of the taxes due.

I think it is best for you to consult a BIR representative directly. They may have authority to reduce or waive penalties, or there might be some amnesty program in effect. At any rate, they tend to be sympathetic to sincere taxpayers who approach them wishing to make good on their obligations.

[theExchangeStud]

read the National Internal Revenue Code (NIRC) for more info, it's available at BIR's site

[tomcussack]

catch me on yahoo messenger @ tomcussack