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5) What Are Some of The Exclusions From Gross Income?: Frequently Asked Questions

Some of the main exclusions from gross income according to the document include life insurance proceeds, gifts and inheritances, compensation for injuries or sickness, retirement benefits such as pensions, and income earned by foreign or domestic governments. The document also lists returns of insurance premiums, income exempt under treaties, and various prizes and awards as excluded from gross taxable income.

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Deopito Barrett
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24 views

5) What Are Some of The Exclusions From Gross Income?: Frequently Asked Questions

Some of the main exclusions from gross income according to the document include life insurance proceeds, gifts and inheritances, compensation for injuries or sickness, retirement benefits such as pensions, and income earned by foreign or domestic governments. The document also lists returns of insurance premiums, income exempt under treaties, and various prizes and awards as excluded from gross taxable income.

Uploaded by

Deopito Barrett
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Frequently Asked Questions

5) What are some of the exclusions from gross income?

o
Life insurance
Amount received by insured as return of premium
Gifts, bequests and devises
Compensation for injuries or sickness
Income exempt under treaty
Retirement benefits, pensions, gratuities, etc.
Miscellaneous items
o
o income derived by foreign government
o income derived by the government or its political subdivision
o prizes and awards in sport competition
o prizes and awards which met the conditions set in the Tax Code
o 13th month pay and other benefits
o GSIS, SSS, Medicare and other contributions
o gain from the sale of bonds, debentures or other certificate of indebtedness
o gain from redemption of shares in mutual fund

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