[tax] exc, incl, ded from gross inc Flashcards
1
Q
rent income
A
inclusion
2
Q
compensation for services
A
inclusion
3
Q
supplementary compensation
A
inclusion
4
Q
gross income from business
A
inclusion
5
Q
gains derived from dealings in property
A
inclusion
6
Q
interest (other than subject to final tax)
A
inclusion
7
Q
active royalties
A
inclusion
8
Q
royalties from sources abroad by rc/dc
A
inclusion
9
Q
dividends not subject to final tax
A
inclusion
10
Q
annuities
A
inclusion
11
Q
prizes and winnings of below 10,000 for individuals
A
inclusion
12
Q
non-individual prizes
A
inclusion
13
Q
prizes outside the Philippines
A
inclusion
14
Q
non-individual won a non-pcso/lotto winning
A
inclusion
15
Q
non-individual won a non-pcso/lotto winning
A
inclusion
16
Q
pensions held in trust
A
inclusion
17
Q
non-contributory pension plans
A
inclusion
18
Q
excess in a contributory pension plan
A
inclusion
19
Q
distributive share of a partner from net income of a general professional partnership
A
inclusion
20
Q
unreturned excess election contributions
A
inclusion
21
Q
tax benefit from recovered bad debt
A
inclusion
22
Q
canceled indebtedness due to consideration of service
A
inclusion
23
Q
gambling
A
inclusion
24
Q
smuggling
A
inclusion
25
illegal sources
inclusion
26
proceeds of life insurance policy
exclusion
27
return of premium received by insured
exclusion
28
excess of premium received
inclusion
29
gifts
exclusion
30
bequests
exclusion
31
devises
exclusion
32
moral damage
exclusion
33
compensation for injuries
exclusion
34
exemplary damages
exclusion
35
nominal damages
exclusion
36
temperate
exclusion
37
actual damages
exclusion
38
liquidated damages
exclusion
39
compensatory damage: lost income
inclusion
40
compensatory for death
exclusion
41
income exempt under treaty
exclusion
42
retirement benefit of a first-time 55 year old retiree who worked for the same employer for 12 years and has a retirement plan.
exclusion
43
retirement benefit of a first-time 45 year old retiree who worked for the same employer for 10 years and has a retirement plan.
inclusion
44
retirement benefit of a second-time 60 year old retiree who worked for the same employer for 15 years and has a retirement plan.
inclusion
45
retirement benefit of a 35 year old woman who worked for the same employer for 10 years and has no retirement plan.
inclusion
46
retirement benefit of a 63 year old man who worked for the same employer for 7 years and has no retirement plan.
exclusion
47
retirement benefit of a 67 year old retiree who worked for the same employer for 10 years and has no retirement plan.
inclusion
48
separation pay received due to reasons beyond the control of the employee
exclusion
49
separation pay due to resignation
inclusion
50
retirement gratuities from foreign government agencies
exclusion
51
administered benefits from united states veterans administration
exclusion
52
sss benefits
exclusion
53
gsis benefits
exclusion
54
medicare
exclusion
55
union dues
exclusion
56
gain realized from the sale of certificate of indebtedness with maturity of more than 5 years
exclusion
57
gain realized from redemption of stocks in a mutual fund company
exclusion
58
income from sale of gold to bangko sentral ng pilipinas
exclusion
59
investment income in the philippines in loans by a foreign government
exclusion
60
income of government from public utility and essential function
exclusion
61
prizes and awards in recognition of chartiable achievements
exclusion
62
awards in recognizing religious achievements
exclusion
63
prizes and awards in sports competition granted to athletes
exclusion
64
13th month pay and other benefits within the limit of 90,000
exclusion
65
13th month pay of over 90,000
excess is an inclusion
66
collateral allowance of a member of the armed forces of the philippines
exclusion
67
monthly provisional allowance of a member of the armed forces of the philippines
exclusion
68
covid-19 special risk allowance for health workers
exclusion
69
compensation for contracting covid-19 for severe or critical cases of 100,000
exclusion
70
compensation for contracting covid-19 for mild or moderate cases of 15,000
exclusion
71
compensation for contracting covid-19 in cases of death of 1,000,000
exclusion
72
income from personal equity and retirement account contribution
exclusion
73
annual registration fee
deduction
74
real property tax
deductible
75
compensation expense
deduction
76
transportation and travel expense
deductible
77
interest expense less 20% of interest income subject to final tax
deductibe
78
net operating loss from previous year
deductible
79
wagering loss to the extent of gains
deductible
80
capital loss to the extent of its gains
deductible
81
abandonment loss for petroleum operations of all its exploration and development expenses
deductible
82
petroleum operation is reentered and resumed
inclusion
83
mayor's permit fee
deductible
84
depletion of oil and gas wells and mines to recover costs
deduction
85
charitable cultural contribution to government agencies for priority projects
fully deductible
86
contributions for educational purposes to accredited domestic non-government organizations
fully deductible
87
charitable contributions to foreign institutions
fully deductible
88
contributions to governtment agencies for non-priority activities
deductible but subject to a limit
89
charitable contributions for social welfare to non-accredited organizations
deductible but subject to a limit
90
research and development
deductible
91
pension trust contributions
deductible
92
compensation for services outside the philippines by a non-resident citizen
exclusion
