Who are not required to file Income Tax returns?
a. An individual earning purely compensation income whose taxable income does not exceed P250,000.00
b. An individual whose income tax has been withheld correctly by his employer, provided that such individual has only one employer for the taxable year
c. An individual whose sole income has been subjected to final withholding tax or who is exempt from income tax pursuant to the Tax Code and other special laws.
d. An individual who is a minimum wage earner
e. Those who are qualified under “substituted filing”. However, substituted filing applies only if all of the following requirements are present:- the employee received purely compensation income (regardless of amount) during the taxable year;- the employee received the income from only one employer in the Philippines during the taxable year;- the amount of tax due from the employee at the end of the year equals the amount of tax withheld by the employer;- the employee’s spouse also complies with all 3 conditions stated above;- the employer files the annual information return (BIR Form No. 1604-CF); and- the employer issues BIR Form No. 2316 (Oct 2002 ENCS version) to each employee.