Whether Professional Partnerships are Not Required to File Quarterly Returns of their Income; and that Individual Partners of a Professional Partnership Should Not be Required to File Quarterly Returns if they Receive their Share in the Net Income of the Partnership at the End of the Calendar Year or the Fiscal' Year of the Partnership

February 11, 1994 BIR RULING NO. 060-94 21 (f) 000-00 060-94 D. S. Tantuico and Associates 106 Paseo de Roxas Makati, Metro Manila Attention: Atty . Priscilla R . Gonzales Gentlemen : This refers to your letter dated June 1, 1993 requesting for confirmation of your opinion to the effect that professional partnerships are not required to file quarterly returns of their income; and that individual partners of a professional partnership should not be required to file quarterly returns if they receive their share in the net income of the partnership at the end of the calendar year or the fiscal' year of the partnership. cdti In reply thereto, I have the honor to inform you that pursuant to Section 2 and 3, Revenue Regulations No. 7-93 prescribing the procedures for the filing of quarterly returns and payment of the quarterly income tax by individuals receiving self-employment income, a return of summary declaration of gross income and deductions (BIR Form No. 1701 Q) for each of the first three quarters of the calendar year, and a final or adjustment return (BIR Form No. 1701) shall be filed by all individuals, including estates and trusts. The tax returns shall be filed on or before the indicated dates: First quarterly return May 15 of the current year; Second quarterly return August 15 of the current year; Third quarterly return November 15 of the current year; Final return April 15 of the following year; The corresponding income tax, as computed, shall be paid at the same time that the returns are filed based on declarations of actual income and deductions for the particular quarter. The filing of the returns and payment of taxes shall be in lieu of the filing of a declaration of estimated income for the current taxable year and the payment of the estimated tax as provided for in Section 67(a) and (b) of the NIRC primarily for the reason that the procedure prescribed in Section 67 of the NIRC of estimating the amount of income and tax to be paid may not reasonably approximate the correct amount of tax to be paid by the individual. Such being the case, your opinion that professional partnerships are not required to file quarterly returns of their income is hereby confirmed, However, individual partners of a professional partnership are required to file a return of summary declaration of gross income and deductions for each of the first three quarters of the calendar year and a final or adjustment return. The corresponding tax, as computed, shall be paid at the same time that the returns are filed based on declarations of actual income and deductions for the particular quarter. cdtech Very truly yours, LIWAYWAY VINZONS-CHATO Commissioner of Internal Revenue