| Rule | Excel Implementation | |------|----------------------| | For corporations with gross sales ≤ PHP 10M are subject to 30% RCIT but MCIT applies only if there is gross income. | IF(AND(GrossSales<=10000000, GrossIncome>0), MIN(Line9, Line12), Line9) | | MCIT = 2% of Gross Income (Line 5) | =Line5 * 0.02 | | If MCIT > RCIT, MCIT is payable. | =MAX(RCIT, MCIT) | | Allowable deductions cannot exceed Gross Income. | Data validation: Deductions <= Gross Income | | Tax credits cannot exceed Tax Due. | Conditional formatting alert |
Filing BIR Form 1702 RT Version 2018 in Excel format offers several benefits, including: bir form 1702 rt version 2018 excel format
BIR Form 1702-RT is the Annual Income Tax Return for Corporations, Partnerships and Other Non-Individual Taxpayers Subject Only to the Regular Corporate Income Tax (RCIT) . The Version 2018 was released by the Bureau of Internal Revenue (BIR) through Revenue Regulations (RR) No. 5-2018 and was effective for taxable years beginning January 1, 2018. | Data validation: Deductions <= Gross Income |