REVENUE REGULATIONS NO. 2-2014 issued on February 3, 2014 prescribes the new Income Tax forms, which will be used for Income Tax Returns (ITRs) filing covering and starting taxable year ended December 31, 2013 by all taxpayers who are required to file their ITRs under Section 51(A)(1) of the Tax Code and those who are not required to file under Section 51(A)(2) but who opted to do so. The new Income Tax forms are the following: a. BIR Form No. 1700 version June 2013 (Annual Income Tax Return for Individuals Earning Purely Compensation Income); b. BIR Form No. 1701 version June 2013 (Annual Income Tax Return for SelfEmployed Individuals, Estates and Trusts); c. BIR Form No. 1702-RT version June 2013 (Annual Income Tax Return for Corporations, Partnerships and Other Non-Individual Taxpayers Subject Only to the REGULAR Income Tax Rate); d. BIR Form No. 1702-EX version June 2013 (Annual Income Tax Return for Use Only by Corporations, Partnerships and Other Non-Individual Taxpayers EXEMPT under the Tax Code, as amended, [Sec. 30 and those exempted in Sec. 27(C)] and Other Special Laws, with NO Other Taxable Income); and e. BIR Form No. 1702-MX version June 2013 (Annual Income Tax Return for Corporations, Partnerships and Other Non-Individuals with Mixed Income Subject to Multiple Income Tax Rates or with Income Subject to Special/Preferential Rate) The requirement for entering centavos in the ITR has been eliminated. This means that if the amount of centavos is 49 or less, the centavos shall be dropped (e.g., P 100.49 = P 100.00), and if the amount is 50 centavos or more, it shall be rounded up to the next peso (e.g., P 100.50 = P 101.00). Corporations, partnerships and other non-individuals are mandated to use the itemized deductions in the following cases: a. Those exempt under the Tax Code, as amended [Section 30 and those exempted under Section 27(C)] and other special laws, with no other taxable income; b. Those with income subject to special/preferential tax rates; and c. Those with income subject to income tax rate under Section 27(A) and 28(A)(1) of the Tax Code, as amended, and also with income subject to special/preferential tax rates. Juridical entities whose taxable base is the gross revenue or receipts (e.g., nonresident foreign international carriers) are not entitled to the itemized deductions nor to the Optional Standard Deduction (OSD) under Section 34(L) of the Tax Code, as amended. Individual taxpayers who are not entitled to avail of the OSD and thus use only the itemized deduction method are as follows: a. Those exempt under the Tax Code, as amended, and other special laws with no other taxable income (e.g. Barangay Micro Business Enterprise); b. Those with income subject to special/preferential tax rates; and c. Those with income subject to Income Tax rate under Section 24 of the Tax Code, as amended, and also with income subject to special/preferential tax rates. Taxpayers who filed using old forms for their 2013 ITRs (manual and/or electronic) must re-file using the new Income Tax forms upon their availability.