Tax Alert No. 31 [BIR Advisory dated 14 April 2021]

Deadline for filing of annual income tax returns (AITR) for the calendar year (CY) ending 31 December 2020 is still today, 15 April 2021

1. AITRs filed on or before the deadline may be amended not later than 15 May 2021
   • If the amended return results in additional payment, no penalties will be imposed.
   • If the amended return results in overpayment, the taxpayer may opt to carry over the overpayment or claim for a refund.
2. Submission of required attachments to the electronically filed AITR for CY 2020 must be within 15 days from the deadline of filing or date of electronic filing of the returns, whichever comes later. The attachments to the electronically filed amended returns made on or before 15 May 2021 shall likewise be submitted within 15 days from the date of filing of amended returns or not later than 15 days from 15 May 2021.
3. The required attachments to the manually filed AITR should be submitted together with the AITR. The same shall apply for the submission of attachments for the manually filed amended AITR.