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Enumerate allowable deductions and explain the kinds of personalexemptions allowed based on "Train" Law.Enumerate...

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Accounting

Enumerate allowable deductions and explain the kinds of personalexemptions allowed based on "Train" Law.

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Tax Reforms for acceleration and inclusion Law The law contains amendments to several provisions of the National Internal Revenue Code of 1997 Tax Code on individual income taxation passive income for both individuals and corporations estate tax donors tax valueadded tax VAT excise tax and documentary stamp tax DST among others On exemption of 13th month pay and other benefits exemption Sec 32 B 7 e 13th month pay and other benefits amounting to PHP82000 is excluded from the computation of gross income The President shall adjust the amount of income tax exemption to its present value using the Consumer Price Index CPI for other benefits such as productivity incentives and Christmas bonus every three years Amount of exempt 13th month pay and other benefits is increased to PHP90000 The    See Answer
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In: AccountingEnumerate allowable deductions and explain the kinds of personalexemptions allowed based on "Train" Law.Enumerate allowable deductions and explain the kinds of personalexemptions allowed based on "Train" Law.

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