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Allowable deductions.feb.2011

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Phil Taxation

Allowable deductions from gross incom

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Allowable Deductions from Gross Income (Courtesy: www.philtaxation.blogspot.com )
Where in Formula ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Characteristics ,[object Object],[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Major Classification of Expenditures (Courtesy: www.philtaxation.blogspot.com ) CAPITAL REVENUE Material in amounts Small amounts, individually Increase useful life, capacity & efficiency Helps current operations Non-recurring Ordinary recurring Benefits future periods (current & long-term) Benefits current period only (short-term) Allocated throughout the periods benefited Charged to operations
Classifications of Allowable Deductions ,[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Optional Standard Deduction (OSD) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
OSD Formulas (Courtesy: www.philtaxation.blogspot.com ) Individual Corporate Gross sales Pxxx Gross sales Pxxx Less: Returns, discounts & allowances xxx Less: Returns, discounts & allowances xxx Net sales xxx Net sales xxx Less: Cost of sales xxx Gross income/profit xxx Multiplied by OSD % 40% Multiplied by OSD% 40% OSD Pxxx OSD Pxxx
Itemized Deductions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Itemized Deductions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
General business expenses ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
General business expenses ,[object Object],[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
General business expenses ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Requisite of deductibility-ID ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Salaries & wages ,[object Object],[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Salaries & wages ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Travel expenses ,[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Rental expenses ,[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Other deductions on rentals ,[object Object],[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Entertainment, amusement & recreation (Sec. 34(A)(1)(iv)/RR No. 10-02) ,[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Entertainment, amusement & recreation (Sec. 34(A)(1)(iv)/RR No. 10-02) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Entertainment, amusement & recreation (Sec. 34(A)(1)(iv)/RR No. 10-02) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Interest expense (Sec. 34(B)/RR No. 13-00) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Interest expense (Sec. 34(B)/RR No. 13-00) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Interest expense (Sec. 34(B)/RR No. 13-00) ,[object Object],[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Interest expense (Sec. 34(B)/RR No. 13-00) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Interest expense (Sec. 34(B)/RR No. 13-00) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Interest expense (Sec. 34(B)/RR No. 13-00) ,[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Interest expense (Sec. 34(B)/RR No. 13-00) ,[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Taxes (Sec. 34(C), NIRC) ,[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Taxes (Sec. 34(C), NIRC) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Taxes (Sec. 34(C), NIRC) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Taxes (Sec. 34(C), NIRC) ,[object Object],[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Taxes (Sec. 34(C), NIRC) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Losses (Sec. 34(D), NIRC) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Losses (Sec. 34(D), NIRC) ,[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Losses (Sec. 34(D), NIRC) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Losses (Sec. 34(D), NIRC) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Losses (Sec. 34(D), NIRC) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Losses (Sec. 34(D), NIRC) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Bad Debts (Sec. 34(E), NIRC/ RR No. 25-2002) ,[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Bad Debts (Sec. 34(E), NIRC/ RR No. 25-2002) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Depreciation (Sec. 34(F), NIRC/ RR No. 25-2002) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Factors affecting depreciation ,[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Depreciation, special rules ,[object Object],[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Depreciation, special rules ,[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Depreciation (Sec. 34(F), NIRC/ RR No. 25-2002) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Depletion ( Sec. 34(G)/RR 5-76 dated Apr. 2, 1976 ) ,[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Depletion ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Charitable & other contribution (Sec. 34(H)/RR No. 13-98) ,[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Charitable & other contribution (Sec. 34(H)/RR No. 13-98) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Charitable & other contribution (Sec. 34(H)/RR No. 13-98) ,[object Object],[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Research and Development (Sec. 34(I)) ,[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Research and Development (Sec. 34(I)) ,[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Pension trusts (Sec. 34(J), NIRC/RA 4917) ,[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
[object Object],[object Object],[object Object]

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Allowable deductions.feb.2011

  • 1. Allowable Deductions from Gross Income (Courtesy: www.philtaxation.blogspot.com )
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  • 4. Major Classification of Expenditures (Courtesy: www.philtaxation.blogspot.com ) CAPITAL REVENUE Material in amounts Small amounts, individually Increase useful life, capacity & efficiency Helps current operations Non-recurring Ordinary recurring Benefits future periods (current & long-term) Benefits current period only (short-term) Allocated throughout the periods benefited Charged to operations
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  • 7. OSD Formulas (Courtesy: www.philtaxation.blogspot.com ) Individual Corporate Gross sales Pxxx Gross sales Pxxx Less: Returns, discounts & allowances xxx Less: Returns, discounts & allowances xxx Net sales xxx Net sales xxx Less: Cost of sales xxx Gross income/profit xxx Multiplied by OSD % 40% Multiplied by OSD% 40% OSD Pxxx OSD Pxxx
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