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    Train Law THEORIES

    Uploaded by

    Kathleen Maeve Gardoque
    There is no additional personal exemption for each qualified dependent under the TRAIN Law. The other statements are correct.

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    © All Rights Reserved
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    Train Law THEORIES

    Uploaded by

    Kathleen Maeve Gardoque
    2K views2 pages
    There is no additional personal exemption for each qualified dependent under the TRAIN Law. The other statements are correct.

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    train-law-THEORIES.docx

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    There is no additional personal exemption for each qualified dependent under the TRAIN Law. The other statements are correct.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    2K views2 pages

    Train Law THEORIES

    Uploaded by

    Kathleen Maeve Gardoque
    There is no additional personal exemption for each qualified dependent under the TRAIN Law. The other statements are correct.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Under the Train Law, choose the best answer

    I. Personal and additional exemptions have been removed.


    II. Lotto winnings and all PCSO prizes are tax-exempt if more than P15,000,000
    III. The donor’s tax was revised to a flat rate of 6% if the donation was to a stranger.
    IV. Deadline for filing of annual Income Tax Return before is May 15

    A. Three statements are true.


    B. Three Statements are false
    C. Only one statement is true
    D. Two Statements are false

    ANS: D

    True S1 and 3

    False S2 and 4

    Statement I: Under the train law, the donor’s tax rate is fixed at 7% based on total gifts in excess of Php
    250,000 exempt made during the calendar year.

    Statement II:

    A. True, false
    B. True, true
    C. False, true
    D. False, false
    Answer: D

    Which of the following statement/s is/are true:

    I. An individual whose taxable income does not exceed P250,000 is exempted from filing income
    tax return including a citizen or alien engaged in business or practice of profession.
    II. II. Under the train law, General Professional Partnership and its partners may avail of the
    Optional Standard Deductions (OSD) only once.

    A.Neither I or II
    B.Both I and II
    C. I only
    D. II only

    1. Under the TRAIN law, which of the following is true?


    I. The taxpayer is exempted from paying personal income tax (PIT) as long as he /she is earning less
    than P31, 000 a month.
    II. Self-employed and professional taxpayers whose annual taxable incomes are P250, 000 and
    below or less than P21, 000 a month is exempted from the personal income tax (PIT).
    A. I only C. Both I and II
    B. II only D. Neither I and II
    ANS: B.

    Under the TRAIN LAW, all of the following are correct about personal income tax, exept:

    a. Deductible 13th month pay is P90,000


    b. Additional personal exemption is P25,000 for each qualified dependent
    c. There is no basic personal exemption
    d. No premium on HHIP

    Answer: b.

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