Train Law Effects in Real Estate Operations Flashcards
Tax Reform for Acceleration and Inclusion (TRAIN) Law is under Republic Act No.?
RA 10963
Train Law will take effect on.
January 1, 2018
In the TRAIN LAW, 0% tax should be for individuals with taxable income not over______.
P250,000
In the TRAIN LAW, for taxable income over P250,000 but not over P400,000 the tax shall be __________________.
15% of the excess over P250,000
In the TRAIN LAW, for taxable income over P400,000 but not over P800,000 the tax shall be __________________.
P30,000 + 20 % of the excess over P400,000.
In the TRAIN LAW, for taxable income over P800,000 but not over P2,000,000 the tax shall be __________________.
P130,000 + 35% of the excess over P800,000.
How much is the maximum non-taxable 13th month pay and other benefits?
P90,000
The removal of tax exemptions of PCSO and LOTTO Winnings exceeding P10,000 benefits is
P10,000 or less = tax excempt; More then P10,000 will be subject to final tax 20%.
Under the TRAIN LAW, how much is the Basic Personal Exemption?
none
Under the TRAIN LAW, how much is the additional exemption?
none
Under the TRAIN LAW, how much is the exemption for Estates and Trust?
none
How much is the increase in tax rates for Fringe Benefits received by Managerial or Supervisory Employees?
From 32% to 35%
Train Law change the interest income under the expanded foreign currency deposit system to:
From 7.5% to 15%
Under the TRAIN LAW, Income tax deadlines for individuals for 1st quarter will be
may 15
Under the TRAIN LAW, maximum number of pages for BIR FORM for Employees, Self-Employed and Corporations for income tax return will be
4 pages
Under TRAIN LAW, Creditable Witholding Tax will have same deadline but ____________ is deleted.
Proviso
What form to use for Creditable Withholding Tax for the TRAIN LAW?
0619E for the 1st 2 months of every quarter,, 1601EQ (with Alphalist Attachments) for the quarter
Changes in Threshold Amounts for Value Added Tax for VAT Threshold Amount
P1,919,500 to P3,000,000
Under the Train LAW, VAT exemption for Sale of Residential Lot will be __________________
P1,500,000
Under the Train LAW, VAT exemption for Sale of House and Lot and other Residential Dwellings like condominiums will be __________________
P2,500,000
Under the Train LAW, VAT exemption for Lease of Residential Unit will be __________________
P15,000 per month
ESTATE Tax Rate under the TRAIN LAW will be ___________________________.
6% of the Net Estate (Gross Estate less Allowable Deductions)
How much is the allowed deductions from gross estate under TRAIN LAW.
none
Under TRAIN LAW, Standard deduction for Gross Estate is ______________________.
P5,000,000
Under TRAIN LAW, Filing and Payment Deadline for Estate Tax
Within 1 Year from Death
DONOR’s Tax Rate under the TRAIN LAW will be ___________________________.
6% of the total gifts in excess of P250,000 made during calendar year.
