Exclusions from Gross Income Flashcards
Enumerate exclusions from gross income (MRT GIRL PERA)
-MISCELLANEOUS: FGOCC Income in PH, GPS Income, P&A LitCitArt ReliCharEdSci, P&A Sports, Contributions SSS GSIS Philhealth Pag-ibig Union Dues MANDATORY ONLY; 13th MOPOB 90k; Gains from sale of bonds/etc>5yrs MATURITY, Gains from redemption of shares in mutual fund company by investor; Minimum Wage, BMBE Income, CoopIncome CERTTAXEX, Qualified Employee Trust Funds Income
-RETIREMENT BENEFITS QUALIFIED: 60-65 YO; 5 YRS SERVICE, Separation Pay- due to death, sickness, physical disability / beyond employees control, Social Security Benefits FROM FOREIGN INSTITUTIONS; USVA; SSS & GSIS Benefits; Maternity Benefits
-TREATY-Exempt Income
-GIFTS, Bequests, Devises, *Employment gratuities are subj to RIT FBT
-INJURIES Compensation/Sickness
-RETURN OF PREMIUM - Life Insurance
-LIFE Insurance Policy Proceeds
-PERA QUALIFIED Contributions: (5 YRS contributions after the AGE OF 55; payment of hospitalization in excess of 40 days, disability, and QUALIFIED Investment Income from PERA Assets) *Personal Equity & Relief Account VS PERA Personnel Economic Relief Allowance granted to all employees of the Natl Govnt, which is entirely nontaxable
-RATA granted to certain officials/employees of the govnt from RANK OF DEPT SECRETARIES to DIVISION CHIEFS
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