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    Exclusions in Gross Income: BAM 127: Income Taxation For BA Module #15

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    Mylene Santiago
    This document lists 17 items that are excluded from gross income and therefore exempt from taxation under Philippine law. Some of the key exclusions include proceeds from life insurance policies paid out due to death, income from gifts or inheritances, compensation for personal injuries, certain retirement benefits, prizes for religious or civic achievements, income of foreign governments, and some government employee benefits.

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    Exclusions in Gross Income: BAM 127: Income Taxation For BA Module #15

    Uploaded by

    Mylene Santiago
    57 views9 pages
    This document lists 17 items that are excluded from gross income and therefore exempt from taxation under Philippine law. Some of the key exclusions include proceeds from life insurance policies paid out due to death, income from gifts or inheritances, compensation for personal injuries, certain retirement benefits, prizes for religious or civic achievements, income of foreign governments, and some government employee benefits.

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    Module-15-Exclusions-in-Gross-Income

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    This document lists 17 items that are excluded from gross income and therefore exempt from taxation under Philippine law. Some of the key exclusions include proceeds from life insurance policies paid out due to death, income from gifts or inheritances, compensation for personal injuries, certain retirement benefits, prizes for religious or civic achievements, income of foreign governments, and some government employee benefits.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    57 views9 pages

    Exclusions in Gross Income: BAM 127: Income Taxation For BA Module #15

    Uploaded by

    Mylene Santiago
    This document lists 17 items that are excluded from gross income and therefore exempt from taxation under Philippine law. Some of the key exclusions include proceeds from life insurance policies paid out due to death, income from gifts or inheritances, compensation for personal injuries, certain retirement benefits, prizes for religious or civic achievements, income of foreign governments, and some government employee benefits.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 9

    Exclusions in

    Gross Income
    BAM 127: Income Taxation for BA
    Module #15
    Exclusions in Gross
    Income
    EXCLUSION FROM GROSS INCOME (Exempt
    from Tax)
    1. Proceeds of Life Insurance policy payable
    upon the death of the insured. However, it is
    taxable if the insured
    outlives the policy;
    2. Return of premium either during the term, at
    the maturity, or upon surrender of the contract;
    3. The value of the property acquired by gift,
    bequest or descent;
    Exclusions in Gross
    Income
    EXCLUSION FROM GROSS INCOME
    (Exempt from Tax)
    4. Compensation for personal
    injuries or sickness received from
    insurance plus damages;
    5. Income of any kind which are
    contained in a treaty binding upon
    the Philippine government;
    Exclusions in Gross
    Income
    EXCLUSION FROM GROSS INCOME
    (Exempt from Tax)
    6. Retirement benefits, pension, etc.
    a. Retirement Benefits – (R-1-10-50); and
    b. Separation Pay – must be due to
    death, sickness, physical disability, and/or
    any cause beyond the control
    of the employee.
    Exclusions in Gross
    Income
    EXCLUSION FROM GROSS INCOME (Exempt
    from Tax)
    7. Prizes and awards – those given to
    religious, charitable, scientific, educational,
    artistic, literary, or civic
    achievement, provided that:
    a. recipient did not join any contest; and b.
    he’s not required to render substantial
    future services.
    Exclusions in Gross
    Income
    EXCLUSION FROM GROSS INCOME (Exempt
    from Tax)
    10. Income derived by foreign government
    11. Income derived by the government or
    its political subdivisions from public utility
    or any essential
    government function.
    Exclusions in Gross
    Income
    EXCLUSION FROM GROSS INCOME (Exempt
    from Tax)
    12. Prizes and awards granted to athletes in
    a. local and international sports
    competition;
    b. sanctioned by their national sports
    association; and
    Exclusions in Gross
    Income
    EXCLUSION FROM GROSS INCOME (Exempt
    from Tax)
    c. the sports association must be recognized
    by Philippine Olympic Committee.
    13. 13th Month Pay and Other benefits up
    to P90,000.
    14. SSS, GSIS, Philhealth, HDMF and Union
    dues of Individual.
    Exclusions in Gross
    Income
    EXCLUSION FROM GROSS INCOME (Exempt
    from Tax)
    15. Gain from sale of debenture, bonds and
    other certificates with maturity period of at
    least 5 years.
    16. Compensation Income of Minimum
    Wage Earners.
    17. Barangay Micro-Business Enterprise
    (BMBE)

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