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Declaration Of Income for Philippines

Declaration Of Income Template for Philippines

A Declaration of Income is a formal legal document used in the Philippines to officially declare an individual's or entity's income from various sources. This document, governed by Philippine tax laws and regulations, particularly the National Internal Revenue Code (NIRC), serves as an official statement of earnings for tax purposes, loan applications, visa requirements, or other legal and financial purposes. The declaration must comply with Bureau of Internal Revenue (BIR) requirements and typically requires notarization to be considered legally valid. It includes detailed information about all income sources, whether from employment, business, investments, or other ventures.

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What is a Declaration Of Income?

A Declaration of Income is a crucial document in the Philippine legal and financial system, required in various situations where formal verification of income is necessary. This document is commonly used when applying for loans, visas, housing, or during tax compliance procedures. The declaration must adhere to specific requirements set forth by the Bureau of Internal Revenue (BIR) and other relevant Philippine authorities. It typically includes comprehensive details about all sources of income, including but not limited to employment, business ventures, investments, and property rentals. The document serves as a legal statement of financial status and may be requested by banks, government agencies, or other institutions requiring proof of income. Its preparation and submission must comply with Philippine tax laws, including the National Internal Revenue Code and related BIR regulations, often requiring notarization to be considered legally valid.

What sections should be included in a Declaration Of Income?

1. Personal Information: Declarant's complete name, address, tax identification number (TIN), and other relevant identification details

2. Declaration Period: Specific time period for which the income is being declared (e.g., calendar year, fiscal year)

3. Primary Employment Income: Details of income from main employment, including employer information, position, and gross income

4. Other Income Sources: List and details of all additional income sources (investments, rental, business, etc.)

5. Total Income Calculation: Summary calculation of total income from all sources for the declared period

6. Tax Deductions and Credits: Details of applicable tax deductions, credits, and withholding taxes

7. Certification: Formal declaration of truthfulness and completeness of the information provided

8. Notarization: Space for notary public attestation and official seal

What sections are optional to include in a Declaration Of Income?

1. Business Income: For self-employed individuals or business owners, detailing business income and expenses

2. Foreign Income: For individuals with income from foreign sources, including conversion to Philippine Peso

3. Investment Income: For those with significant investment income, detailing dividends, interest, and capital gains

4. Real Estate Income: For property owners earning rental income or property-related revenue

5. Professional Fee Income: For freelancers or consultants with income from professional services

6. Agricultural Income: For individuals with income from agricultural activities

What schedules should be included in a Declaration Of Income?

1. Schedule A - Employment Income Details: Detailed breakdown of employment income including basic salary, allowances, bonuses, and other benefits

2. Schedule B - Supporting Documents: List of attached supporting documents such as W2 forms, certificates of income tax withheld, pay slips

3. Schedule C - Business Income Statement: Detailed profit and loss statement for business income (if applicable)

4. Schedule D - Asset and Investment Income: Detailed breakdown of income from investments, properties, and other assets

5. Appendix 1 - Income Certificates: Copies of income certificates, tax withholding certificates, and other income proof documents

6. Appendix 2 - Computation Worksheets: Detailed calculations and worksheets showing how total income was computed

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Philippines

Publisher

Ƶ

Document Type

Declaration Form

Cost

Free to use
Relevant legal definitions






























Clauses




















Relevant Industries

Financial Services

Public Sector

Banking

Real Estate

Professional Services

Healthcare

Education

Retail

Manufacturing

Agriculture

Information Technology

Construction

Legal Services

Non-Profit Organizations

Relevant Teams

Legal

Finance

Human Resources

Compliance

Tax

Payroll

Risk Management

Credit Analysis

Corporate Governance

Administrative

Relevant Roles

Tax Accountant

Financial Controller

Compliance Officer

Human Resources Manager

Payroll Administrator

Legal Counsel

Financial Advisor

Loan Officer

Immigration Consultant

Business Owner

Self-Employed Professional

Real Estate Agent

Banking Officer

Tax Consultant

Corporate Secretary

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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