Train Law Effects in Real Estate Operations

Question 1

Tax Reform for Acceleration and Inclusion (TRAIN) Law is under Republic Act No.?

Answer 1

RA 10963

Question 2

Train Law will take effect on.

Answer 2

January 1, 2018

Question 3

In the TRAIN LAW, 0% tax should be for individuals with taxable income not over______.

Answer 3

P250,000

Question 4

In the TRAIN LAW, for taxable income over P250,000 but not over P400,000 the tax shall be __________________.

Answer 4

15% of the excess over P250,000

Question 5

In the TRAIN LAW, for taxable income over P400,000 but not over P800,000 the tax shall be __________________.

Answer 5

P30,000 + 20 % of the excess over P400,000.

Question 6

In the TRAIN LAW, for taxable income over P800,000 but not over P2,000,000 the tax shall be __________________.

Answer 6

P130,000 + 35% of the excess over P800,000.

Question 7

How much is the maximum non-taxable 13th month pay and other benefits?

Answer 7

P90,000

Question 8

The removal of tax exemptions of PCSO and LOTTO Winnings exceeding P10,000 benefits is

Answer 8

P10,000 or less = tax excempt; More then P10,000 will be subject to final tax 20%.

Question 9

Under the TRAIN LAW, how much is the Basic Personal Exemption?

Answer 9

none

Question 10

Under the TRAIN LAW, how much is the additional exemption?

Answer 10

none

Question 11

Under the TRAIN LAW, how much is the exemption for Estates and Trust?

Answer 11

none

Question 12

How much is the increase in tax rates for Fringe Benefits received by Managerial or Supervisory Employees?

Answer 12

From 32% to 35%

Question 13

Train Law change the interest income under the expanded foreign currency deposit system to:

Answer 13

From 7.5% to 15%

Question 14

Under the TRAIN LAW, Income tax deadlines for individuals for 1st quarter will be

Answer 14

may 15

Question 15

Under the TRAIN LAW, maximum number of pages for BIR FORM for Employees, Self-Employed and Corporations for income tax return will be

Answer 15

4 pages

Question 16

Under TRAIN LAW, Creditable Witholding Tax will have same deadline but ____________ is deleted.

Answer 16

Proviso

Question 17

What form to use for Creditable Withholding Tax for the TRAIN LAW?

Answer 17

0619E for the 1st 2 months of every quarter,, 1601EQ (with Alphalist Attachments) for the quarter

Question 18

Changes in Threshold Amounts for Value Added Tax for VAT Threshold Amount

Answer 18

P1,919,500 to P3,000,000

Question 19

Under the Train LAW, VAT exemption for Sale of Residential Lot will be __________________

Answer 19

P1,500,000

Question 20

Under the Train LAW, VAT exemption for Sale of House and Lot and other Residential Dwellings like condominiums will be __________________

Answer 20

P2,500,000

Question 21

Under the Train LAW, VAT exemption for Lease of Residential Unit will be __________________

Answer 21

P15,000 per month

Question 22

ESTATE Tax Rate under the TRAIN LAW will be ___________________________.

Answer 22

6% of the Net Estate (Gross Estate less Allowable Deductions)

Question 23

How much is the allowed deductions from gross estate under TRAIN LAW.

Answer 23

none

Question 24

Under TRAIN LAW, Standard deduction for Gross Estate is ______________________.

Answer 24

P5,000,000

Question 25

Under TRAIN LAW, Filing and Payment Deadline for Estate Tax

Answer 25

Within 1 Year from Death

Question 26

DONOR’s Tax Rate under the TRAIN LAW will be ___________________________.

Answer 26

6% of the total gifts in excess of P250,000 made during calendar year.