dun dun dun DUNN!! I jumped a couple of chapters because I need to write this down ASAP just so I could catch up with my lessons. The others will be posted later when I'm not too busy.
Computation of Gross Income
Included
- gross income derived from conduct of trade or exercise of profession
- gains derived from dealings in property
- interests
- rents
- royalties
- dividends
- annuities
- prizes and winnings
- pensions
- net income share from general professional partnership
Excluded
- life insurance
- amount received as return of premium
- gifts, bequets and devises
- compensation for injuries or sickness
- income excempt under trary
- retirement benefits, pensions and gratuities[1]
- miscellaneous items[2]
[1]Retirement Benefits, Pensions, Gratuities, etc.
- retirement benefits received under RA7641 in which the employee should have at least worked under the same employer for 10 years and have retired after the age of 50.
-any amounnt received by an employee or his heirs as consequence of separation for any caouse beyond the control of said employee; includes separation pay due to retrenchment.
-payments due to any person residing in the Philippines under the laws of the US administered by the United States Veterans Administration
-benefits received from or enjoyed under the SSS and GSIS, including retirement gratuity received by government officials and employees.
[2]Miscellaneous Items
-income derived by foreign government
-income derived by government
-prizes and awards made in recognition of achievement [only those in which the recipient wa selected without any action on his part to enter the proceeding and the recipient does not have to render substantial future services as condition of the award
-prizes and awards in sports competition
-13th month pay and other benefits
-GSIS, SSS, Medicare and other contributions
-gains from sale of Bonds, Debentures, or other certificate of indebtedness
-gains from redemption of shares in mutual fund
oh crap, i'm feeling sick. D:
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