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Session 8 Gross Income Inclusions and Exclusions

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Competency Appraisal Course College of Accounting Education 3rd Floor, Business & Engineering Building, Matina, Davao City Telefax: (082)300-1496 Phone No.: (082) Local 137 TAXATION Session 8: Gross Income: Inclusions and Exclusions Items of Gross Income Subject to Regular Tax Gross income means all income derived from whatever sources including, but not limited to, the following items: 1) Compensation for services in whatever form paid 2) Gross income derived from the conduct of trade or business or the exercise of a profession; 3) Gains derived from dealings in property; 4) Interests 5) Rents, 6) Royalties; 7) Dividends; 8) Annuities; 9) Prizes and winnings; 10) Pensions; and 11) Partner’s distributive share from the net income of the general professional partnership. A. Compensation for services in whatever form paid – the types of employee benefits that are subject to regular tax B. Gross income derived from the conduct of trade or business or the exercise of a profession – income from any trade or business, legal or illegal, and whether registered or unregistered. However, the following shall not be included in gross income subject to regular income tax: a. Business income exempt from income tax b. Business income subject to special tax regime c. Business income subject to final tax C. Gains from dealings in properties Important Notes: • Dealings in ordinary assets (ordinary gain or ordinary loss)– subject to regular income tax • Dealings in capital assets, ...
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