SlideShare a Scribd company logo

Allowable deductions.feb.2011

•
•
P
Phil Taxation

Allowable deductions from gross incom

EducationBusinessTechnology
1 of 55
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]

Recommended

Chapter 7
Chapter 7Chapter 7
Chapter 7
Vera Nataa
 
Globe Telecom, Inc Strategies
Globe Telecom, Inc StrategiesGlobe Telecom, Inc Strategies
Globe Telecom, Inc Strategies
Mita Angela M. Dimalanta
 
PRINCIPLES OF BUSINESS TAXATION
PRINCIPLES OF BUSINESS TAXATIONPRINCIPLES OF BUSINESS TAXATION
PRINCIPLES OF BUSINESS TAXATION
abiodunmamora
 
Taxing powers, scope and limitations of nga and lgu
Taxing powers, scope and limitations of nga and lguTaxing powers, scope and limitations of nga and lgu
Taxing powers, scope and limitations of nga and lgu
normina
 
Cash and Cash equivalent
Cash and Cash equivalentCash and Cash equivalent
Cash and Cash equivalent
Zoey Zungit
 
03 chapter 4 deductions from gross estate part 01
03 chapter 4 deductions from gross estate part 0103 chapter 4 deductions from gross estate part 01
03 chapter 4 deductions from gross estate part 01
Flab Villasencio
 
Philippine%20taxation..[1]
Philippine%20taxation..[1]Philippine%20taxation..[1]
Philippine%20taxation..[1]
emie navarro
 
Chapter 4 tax
Chapter 4 taxChapter 4 tax
Chapter 4 tax
Lizzette Danan
 

Recommended

Chapter 7
Chapter 7Chapter 7
Chapter 7
Vera Nataa
 
Globe Telecom, Inc Strategies
Globe Telecom, Inc StrategiesGlobe Telecom, Inc Strategies
Globe Telecom, Inc Strategies
Mita Angela M. Dimalanta
 
PRINCIPLES OF BUSINESS TAXATION
PRINCIPLES OF BUSINESS TAXATIONPRINCIPLES OF BUSINESS TAXATION
PRINCIPLES OF BUSINESS TAXATION
abiodunmamora
 
Taxing powers, scope and limitations of nga and lgu
Taxing powers, scope and limitations of nga and lguTaxing powers, scope and limitations of nga and lgu
Taxing powers, scope and limitations of nga and lgu
normina
 
Cash and Cash equivalent
Cash and Cash equivalentCash and Cash equivalent
Cash and Cash equivalent
Zoey Zungit
 
03 chapter 4 deductions from gross estate part 01
03 chapter 4 deductions from gross estate part 0103 chapter 4 deductions from gross estate part 01
03 chapter 4 deductions from gross estate part 01
Flab Villasencio
 
Philippine%20taxation..[1]
Philippine%20taxation..[1]Philippine%20taxation..[1]
Philippine%20taxation..[1]
emie navarro
 
Chapter 4 tax
Chapter 4 taxChapter 4 tax
Chapter 4 tax
Lizzette Danan
 
Law on partnership notes
Law on partnership notesLaw on partnership notes
Law on partnership notes
NioLouisBelarmaCPA
 
General principles of taxation
General principles of taxationGeneral principles of taxation
General principles of taxation
Ferdinand Importado, CPA, MBA
 
General principles of taxation
General principles of taxationGeneral principles of taxation
General principles of taxation
Ferdinand Importado, CPA, MBA
 
Business taxes
Business taxesBusiness taxes
Business taxes
Gia Ignaco
 
03 chapter 4 deductions from gross estate part 01
03 chapter 4 deductions from gross estate part 0103 chapter 4 deductions from gross estate part 01
03 chapter 4 deductions from gross estate part 01
Flab Villasencio
 
Individual income tax.feb.2011
Individual income tax.feb.2011Individual income tax.feb.2011
Individual income tax.feb.2011
Phil Taxation
 
03 chapter 4 deductions from gross estate part 02
03 chapter 4 deductions from gross estate part 0203 chapter 4 deductions from gross estate part 02
03 chapter 4 deductions from gross estate part 02
Flab Villasencio
 
01 Chapter 1 and 2 Taxation 2
01 Chapter 1 and 2 Taxation 2 01 Chapter 1 and 2 Taxation 2
01 Chapter 1 and 2 Taxation 2
Flab Villasencio
 
governmental and Non profit Accounting chapter 1
governmental and Non profit Accounting chapter 1governmental and Non profit Accounting chapter 1
governmental and Non profit Accounting chapter 1
NeveenJamal
 
Process costing 250712
Process costing 250712Process costing 250712
Process costing 250712
Sazzad Hossain, ITP, MBA, CSCA™
 
Income taxation
Income taxationIncome taxation
Income taxation
Chelly Ayo
 
06 chapter 7 business taxes
06 chapter 7 business taxes06 chapter 7 business taxes
06 chapter 7 business taxes
Flab Villasencio
 
Tax tv
Tax tvTax tv
Tax tv
Eastern Samar State University
 
Blt 134 chapter 2
Blt 134 chapter 2Blt 134 chapter 2
Blt 134 chapter 2
Bong Retonel
 
Partcor reviewer
Partcor reviewerPartcor reviewer
Partcor reviewer
Cedric Yabyabin
 
Forms of escape from taxation
Forms of escape from taxationForms of escape from taxation
Forms of escape from taxation
Marvin Morales
 
Managerial finance gitman_e12_ch04
Managerial finance gitman_e12_ch04Managerial finance gitman_e12_ch04
Managerial finance gitman_e12_ch04
Turu Turuu
 
Basic principle of sound tax system
Basic principle of sound tax systemBasic principle of sound tax system
Basic principle of sound tax system
nobitapandak
 
QUALITATIVE CHARACTERISTICS OF FINANCIAL STATEMENTS & CONSTRAINTS ON RELEVANT...
QUALITATIVE CHARACTERISTICS OF FINANCIAL STATEMENTS & CONSTRAINTS ON RELEVANT...QUALITATIVE CHARACTERISTICS OF FINANCIAL STATEMENTS & CONSTRAINTS ON RELEVANT...
QUALITATIVE CHARACTERISTICS OF FINANCIAL STATEMENTS & CONSTRAINTS ON RELEVANT...
Waqar Ahmed
 
07 chapter 8 business transactions
07 chapter 8 business transactions07 chapter 8 business transactions
07 chapter 8 business transactions
Flab Villasencio
 
Corporate income tax.feb.2011
Corporate income tax.feb.2011Corporate income tax.feb.2011
Corporate income tax.feb.2011
Phil Taxation
 
Income tax intro topics.feb.2011
Income tax intro topics.feb.2011Income tax intro topics.feb.2011
Income tax intro topics.feb.2011
Phil Taxation
 

More Related Content

What's hot

Business taxes
Business taxesBusiness taxes
Business taxes
Gia Ignaco
 
03 chapter 4 deductions from gross estate part 01
03 chapter 4 deductions from gross estate part 0103 chapter 4 deductions from gross estate part 01
03 chapter 4 deductions from gross estate part 01
Flab Villasencio
 
03 chapter 4 deductions from gross estate part 02
03 chapter 4 deductions from gross estate part 0203 chapter 4 deductions from gross estate part 02
03 chapter 4 deductions from gross estate part 02
Flab Villasencio
 
01 Chapter 1 and 2 Taxation 2
01 Chapter 1 and 2 Taxation 2 01 Chapter 1 and 2 Taxation 2
01 Chapter 1 and 2 Taxation 2
Flab Villasencio
 
Forms of escape from taxation
Forms of escape from taxationForms of escape from taxation
Forms of escape from taxation
Marvin Morales
 

What's hot (20)

Law on partnership notes
Law on partnership notesLaw on partnership notes
Law on partnership notes
 
General principles of taxation
General principles of taxationGeneral principles of taxation
General principles of taxation
 
General principles of taxation
General principles of taxationGeneral principles of taxation
General principles of taxation
 
Business taxes
Business taxesBusiness taxes
Business taxes
 
03 chapter 4 deductions from gross estate part 01
03 chapter 4 deductions from gross estate part 0103 chapter 4 deductions from gross estate part 01
03 chapter 4 deductions from gross estate part 01
 
Individual income tax.feb.2011
Individual income tax.feb.2011Individual income tax.feb.2011
Individual income tax.feb.2011
 
03 chapter 4 deductions from gross estate part 02
03 chapter 4 deductions from gross estate part 0203 chapter 4 deductions from gross estate part 02
03 chapter 4 deductions from gross estate part 02
 
01 Chapter 1 and 2 Taxation 2
01 Chapter 1 and 2 Taxation 2 01 Chapter 1 and 2 Taxation 2
01 Chapter 1 and 2 Taxation 2
 
governmental and Non profit Accounting chapter 1
governmental and Non profit Accounting chapter 1governmental and Non profit Accounting chapter 1
governmental and Non profit Accounting chapter 1
 
Process costing 250712
Process costing 250712Process costing 250712
Process costing 250712
 
Income taxation
Income taxationIncome taxation
Income taxation
 
06 chapter 7 business taxes
06 chapter 7 business taxes06 chapter 7 business taxes
06 chapter 7 business taxes
 
Tax tv
Tax tvTax tv
Tax tv
 
Blt 134 chapter 2
Blt 134 chapter 2Blt 134 chapter 2
Blt 134 chapter 2
 
Partcor reviewer
Partcor reviewerPartcor reviewer
Partcor reviewer
 
Forms of escape from taxation
Forms of escape from taxationForms of escape from taxation
Forms of escape from taxation
 
Managerial finance gitman_e12_ch04
Managerial finance gitman_e12_ch04Managerial finance gitman_e12_ch04
Managerial finance gitman_e12_ch04
 
Basic principle of sound tax system
Basic principle of sound tax systemBasic principle of sound tax system
Basic principle of sound tax system
 
QUALITATIVE CHARACTERISTICS OF FINANCIAL STATEMENTS & CONSTRAINTS ON RELEVANT...
QUALITATIVE CHARACTERISTICS OF FINANCIAL STATEMENTS & CONSTRAINTS ON RELEVANT...QUALITATIVE CHARACTERISTICS OF FINANCIAL STATEMENTS & CONSTRAINTS ON RELEVANT...
QUALITATIVE CHARACTERISTICS OF FINANCIAL STATEMENTS & CONSTRAINTS ON RELEVANT...
 
07 chapter 8 business transactions
07 chapter 8 business transactions07 chapter 8 business transactions
07 chapter 8 business transactions
 

Viewers also liked

Computation of income tax
Computation of income taxComputation of income tax
Computation of income tax
Marvin Morales
 
General principles/Fundamentals of Taxation
General principles/Fundamentals of TaxationGeneral principles/Fundamentals of Taxation
General principles/Fundamentals of Taxation
Phil Taxation
 
Jojo obligation and contracts ppt.
Jojo obligation and contracts ppt.Jojo obligation and contracts ppt.
Jojo obligation and contracts ppt.
jojoisanan_mendoza
 
Law On Obligations And Contracts boa
Law On Obligations And Contracts boaLaw On Obligations And Contracts boa
Law On Obligations And Contracts boa
raileeanne
 
Complying with federal grant regs
Complying with federal grant regsComplying with federal grant regs
Complying with federal grant regs
healthhiv
 
Net Operating Loss Computation for Individuals
Net Operating Loss Computation for Individuals Net Operating Loss Computation for Individuals
Net Operating Loss Computation for Individuals
taxman taxman
 

Viewers also liked (20)

Corporate income tax.feb.2011
Corporate income tax.feb.2011Corporate income tax.feb.2011
Corporate income tax.feb.2011
 
Income tax intro topics.feb.2011
Income tax intro topics.feb.2011Income tax intro topics.feb.2011
Income tax intro topics.feb.2011
 
Opt extensive and overview of excise tax. dst and ctc.feb.2011
Opt extensive and overview of excise tax. dst and ctc.feb.2011Opt extensive and overview of excise tax. dst and ctc.feb.2011
Opt extensive and overview of excise tax. dst and ctc.feb.2011
 
Taxation 101 basic rules and principles in philippine taxation by jr lopez go...
Taxation 101 basic rules and principles in philippine taxation by jr lopez go...Taxation 101 basic rules and principles in philippine taxation by jr lopez go...
Taxation 101 basic rules and principles in philippine taxation by jr lopez go...
 
Computation of income tax
Computation of income taxComputation of income tax
Computation of income tax
 
General principles/Fundamentals of Taxation
General principles/Fundamentals of TaxationGeneral principles/Fundamentals of Taxation
General principles/Fundamentals of Taxation
 
Revenue Organizations Philippines
Revenue Organizations PhilippinesRevenue Organizations Philippines
Revenue Organizations Philippines
 
04 chapter 5 estate tax
04 chapter 5 estate tax04 chapter 5 estate tax
04 chapter 5 estate tax
 
Jojo obligation and contracts ppt.
Jojo obligation and contracts ppt.Jojo obligation and contracts ppt.
Jojo obligation and contracts ppt.
 
Obligations and contracts
Obligations and contractsObligations and contracts
Obligations and contracts
 
Corporate tax
Corporate taxCorporate tax
Corporate tax
 
Principles of income taxation
Principles of income taxationPrinciples of income taxation
Principles of income taxation
 
Law On Obligations And Contracts boa
Law On Obligations And Contracts boaLaw On Obligations And Contracts boa
Law On Obligations And Contracts boa
 
Complying with federal grant regs
Complying with federal grant regsComplying with federal grant regs
Complying with federal grant regs
 
HMRC Allowable Expenses
HMRC Allowable ExpensesHMRC Allowable Expenses
HMRC Allowable Expenses
 
Net Operating Loss Computation for Individuals
Net Operating Loss Computation for Individuals Net Operating Loss Computation for Individuals
Net Operating Loss Computation for Individuals
 
Cost Report Workshops and OMB Uniform Guidance Cost Principles
Cost Report Workshops and OMB Uniform Guidance Cost Principles Cost Report Workshops and OMB Uniform Guidance Cost Principles
Cost Report Workshops and OMB Uniform Guidance Cost Principles
 
Excise
ExciseExcise
Excise
 
Basic Estate Tax
Basic Estate TaxBasic Estate Tax
Basic Estate Tax
 
Triple f health club group 2
Triple f health club group 2Triple f health club group 2
Triple f health club group 2
 

Similar to Allowable deductions.feb.2011

Revenue regulations no. 11 2018,(train law) relative to withholding of incom...
Revenue regulations no. 11 2018,(train law) relative to withholding of incom...Revenue regulations no. 11 2018,(train law) relative to withholding of incom...
Revenue regulations no. 11 2018,(train law) relative to withholding of incom...
Wendell Udarbe
 
Profits and-gains-of-business-or-profession4
Profits and-gains-of-business-or-profession4Profits and-gains-of-business-or-profession4
Profits and-gains-of-business-or-profession4
ajay mishra
 
Profits and Gains of Business
Profits and Gains of BusinessProfits and Gains of Business
Profits and Gains of Business
skillfulyards
 
DTC PART !!
DTC PART !!DTC PART !!
DTC PART !!
appyg
 
TDS (Tax Deducted at Source ) rates Charts FYI 2023-2024 .pdf
TDS (Tax Deducted at Source ) rates Charts FYI 2023-2024 .pdfTDS (Tax Deducted at Source ) rates Charts FYI 2023-2024 .pdf
TDS (Tax Deducted at Source ) rates Charts FYI 2023-2024 .pdf
VirtualGGC
 
Structuring And Financing A Tax Credit Deal 1
Structuring And Financing A Tax Credit Deal 1Structuring And Financing A Tax Credit Deal 1
Structuring And Financing A Tax Credit Deal 1
Heritage Ohio
 
Financial Statements_Presentation
Financial Statements_PresentationFinancial Statements_Presentation
Financial Statements_Presentation
Praveen Sudarsan
 
1.-Copyright © 2020 McGraw-Hill Education (Australia) Pty
1.-Copyright © 2020 McGraw-Hill Education (Australia) Pty 1.-Copyright © 2020 McGraw-Hill Education (Australia) Pty
1.-Copyright © 2020 McGraw-Hill Education (Australia) Pty
BenitoSumpter862
 

Similar to Allowable deductions.feb.2011 (20)

Revenue regulations no. 11 2018,(train law) relative to withholding of incom...
Revenue regulations no. 11 2018,(train law) relative to withholding of incom...Revenue regulations no. 11 2018,(train law) relative to withholding of incom...
Revenue regulations no. 11 2018,(train law) relative to withholding of incom...
 
Profits and-gains-of-business-or-profession4
Profits and-gains-of-business-or-profession4Profits and-gains-of-business-or-profession4
Profits and-gains-of-business-or-profession4
 
Profits and-gains-of-business-or-profession4
Profits and-gains-of-business-or-profession4Profits and-gains-of-business-or-profession4
Profits and-gains-of-business-or-profession4
 
Understanding And Planning For UBIT
Understanding And Planning For UBITUnderstanding And Planning For UBIT
Understanding And Planning For UBIT
 
PROFITS AND GAINS OF BUSINESS OR PROFESSION 2022.ppt
PROFITS AND GAINS OF BUSINESS OR PROFESSION 2022.pptPROFITS AND GAINS OF BUSINESS OR PROFESSION 2022.ppt
PROFITS AND GAINS OF BUSINESS OR PROFESSION 2022.ppt
 
Profits and Gains of Business
Profits and Gains of BusinessProfits and Gains of Business
Profits and Gains of Business
 
Income tax
Income tax Income tax
Income tax
 
The ABCs Hedge Fund Tax
The ABCs Hedge Fund TaxThe ABCs Hedge Fund Tax
The ABCs Hedge Fund Tax
 
Profit & Gains from Business or Profession.
Profit & Gains from Business or Profession.Profit & Gains from Business or Profession.
Profit & Gains from Business or Profession.
 
DTC PART !!
DTC PART !!DTC PART !!
DTC PART !!
 
Profits & gains from business or profession part i
Profits & gains from business or profession part iProfits & gains from business or profession part i
Profits & gains from business or profession part i
 
TDS (Tax Deducted at Source ) rates Charts FYI 2023-2024 .pdf
TDS (Tax Deducted at Source ) rates Charts FYI 2023-2024 .pdfTDS (Tax Deducted at Source ) rates Charts FYI 2023-2024 .pdf
TDS (Tax Deducted at Source ) rates Charts FYI 2023-2024 .pdf
 
income from pgbp 3 m.pptx
income from pgbp 3 m.pptxincome from pgbp 3 m.pptx
income from pgbp 3 m.pptx
 
Structuring and Financing a Tax Credit Deal
Structuring and Financing a Tax Credit DealStructuring and Financing a Tax Credit Deal
Structuring and Financing a Tax Credit Deal
 
Structuring And Financing A Tax Credit Deal 1
Structuring And Financing A Tax Credit Deal 1Structuring And Financing A Tax Credit Deal 1
Structuring And Financing A Tax Credit Deal 1
 
Longwell Law Firm
Longwell Law FirmLongwell Law Firm
Longwell Law Firm
 
Financial Statements_Presentation
Financial Statements_PresentationFinancial Statements_Presentation
Financial Statements_Presentation
 
Tax Planning For Film Production & Distribution
Tax Planning For Film Production & DistributionTax Planning For Film Production & Distribution
Tax Planning For Film Production & Distribution
 
ASCSP Conference 2019 - What Cost Segregation Professionals Need to Know Abou...
ASCSP Conference 2019 - What Cost Segregation Professionals Need to Know Abou...ASCSP Conference 2019 - What Cost Segregation Professionals Need to Know Abou...
ASCSP Conference 2019 - What Cost Segregation Professionals Need to Know Abou...
 
1.-Copyright © 2020 McGraw-Hill Education (Australia) Pty
1.-Copyright © 2020 McGraw-Hill Education (Australia) Pty 1.-Copyright © 2020 McGraw-Hill Education (Australia) Pty
1.-Copyright © 2020 McGraw-Hill Education (Australia) Pty
 

Recently uploaded

An Overview of Mutual Funds Bcom Project.pdf
An Overview of Mutual Funds Bcom Project.pdfAn Overview of Mutual Funds Bcom Project.pdf
An Overview of Mutual Funds Bcom Project.pdf
SanaAli374401
 
Gardella_Mateo_IntellectualProperty.pdf.
Gardella_Mateo_IntellectualProperty.pdf.Gardella_Mateo_IntellectualProperty.pdf.
Gardella_Mateo_IntellectualProperty.pdf.
MateoGardella
 
1029 - Danh muc Sach Giao Khoa 10 . pdf
1029 - Danh muc Sach Giao Khoa 10 . pdf1029 - Danh muc Sach Giao Khoa 10 . pdf
1029 - Danh muc Sach Giao Khoa 10 . pdf
QucHHunhnh
 
Beyond the EU: DORA and NIS 2 Directive's Global Impact
Beyond the EU: DORA and NIS 2 Directive's Global ImpactBeyond the EU: DORA and NIS 2 Directive's Global Impact
Beyond the EU: DORA and NIS 2 Directive's Global Impact
PECB
 
Russian Escort Service in Delhi 11k Hotel Foreigner Russian Call Girls in Delhi
Russian Escort Service in Delhi 11k Hotel Foreigner Russian Call Girls in DelhiRussian Escort Service in Delhi 11k Hotel Foreigner Russian Call Girls in Delhi
Russian Escort Service in Delhi 11k Hotel Foreigner Russian Call Girls in Delhi
kauryashika82
 

Recently uploaded (20)

Código Creativo y Arte de Software | Unidad 1
Código Creativo y Arte de Software | Unidad 1Código Creativo y Arte de Software | Unidad 1
Código Creativo y Arte de Software | Unidad 1
 
Unit-IV; Professional Sales Representative (PSR).pptx
Unit-IV; Professional Sales Representative (PSR).pptxUnit-IV; Professional Sales Representative (PSR).pptx
Unit-IV; Professional Sales Representative (PSR).pptx
 
An Overview of Mutual Funds Bcom Project.pdf
An Overview of Mutual Funds Bcom Project.pdfAn Overview of Mutual Funds Bcom Project.pdf
An Overview of Mutual Funds Bcom Project.pdf
 
Gardella_Mateo_IntellectualProperty.pdf.
Gardella_Mateo_IntellectualProperty.pdf.Gardella_Mateo_IntellectualProperty.pdf.
Gardella_Mateo_IntellectualProperty.pdf.
 
Z Score,T Score, Percential Rank and Box Plot Graph
Z Score,T Score, Percential Rank and Box Plot GraphZ Score,T Score, Percential Rank and Box Plot Graph
Z Score,T Score, Percential Rank and Box Plot Graph
 
Web & Social Media Analytics Previous Year Question Paper.pdf
Web & Social Media Analytics Previous Year Question Paper.pdfWeb & Social Media Analytics Previous Year Question Paper.pdf
Web & Social Media Analytics Previous Year Question Paper.pdf
 
fourth grading exam for kindergarten in writing
fourth grading exam for kindergarten in writingfourth grading exam for kindergarten in writing
fourth grading exam for kindergarten in writing
 
This PowerPoint helps students to consider the concept of infinity.
This PowerPoint helps students to consider the concept of infinity.This PowerPoint helps students to consider the concept of infinity.
This PowerPoint helps students to consider the concept of infinity.
 
1029 - Danh muc Sach Giao Khoa 10 . pdf
1029 - Danh muc Sach Giao Khoa 10 . pdf1029 - Danh muc Sach Giao Khoa 10 . pdf
1029 - Danh muc Sach Giao Khoa 10 . pdf
 
Sports & Fitness Value Added Course FY..
Sports & Fitness Value Added Course FY..Sports & Fitness Value Added Course FY..
Sports & Fitness Value Added Course FY..
 
Paris 2024 Olympic Geographies - an activity
Paris 2024 Olympic Geographies - an activityParis 2024 Olympic Geographies - an activity
Paris 2024 Olympic Geographies - an activity
 
Introduction to Nonprofit Accounting: The Basics
Introduction to Nonprofit Accounting: The BasicsIntroduction to Nonprofit Accounting: The Basics
Introduction to Nonprofit Accounting: The Basics
 
Beyond the EU: DORA and NIS 2 Directive's Global Impact
Beyond the EU: DORA and NIS 2 Directive's Global ImpactBeyond the EU: DORA and NIS 2 Directive's Global Impact
Beyond the EU: DORA and NIS 2 Directive's Global Impact
 
Russian Escort Service in Delhi 11k Hotel Foreigner Russian Call Girls in Delhi
Russian Escort Service in Delhi 11k Hotel Foreigner Russian Call Girls in DelhiRussian Escort Service in Delhi 11k Hotel Foreigner Russian Call Girls in Delhi
Russian Escort Service in Delhi 11k Hotel Foreigner Russian Call Girls in Delhi
 
Application orientated numerical on hev.ppt
Application orientated numerical on hev.pptApplication orientated numerical on hev.ppt
Application orientated numerical on hev.ppt
 
APM Welcome, APM North West Network Conference, Synergies Across Sectors
APM Welcome, APM North West Network Conference, Synergies Across SectorsAPM Welcome, APM North West Network Conference, Synergies Across Sectors
APM Welcome, APM North West Network Conference, Synergies Across Sectors
 
Ecological Succession. ( ECOSYSTEM, B. Pharmacy, 1st Year, Sem-II, Environmen...
Ecological Succession. ( ECOSYSTEM, B. Pharmacy, 1st Year, Sem-II, Environmen...Ecological Succession. ( ECOSYSTEM, B. Pharmacy, 1st Year, Sem-II, Environmen...
Ecological Succession. ( ECOSYSTEM, B. Pharmacy, 1st Year, Sem-II, Environmen...
 
Presentation by Andreas Schleicher Tackling the School Absenteeism Crisis 30 ...
Presentation by Andreas Schleicher Tackling the School Absenteeism Crisis 30 ...Presentation by Andreas Schleicher Tackling the School Absenteeism Crisis 30 ...
Presentation by Andreas Schleicher Tackling the School Absenteeism Crisis 30 ...
 
INDIA QUIZ 2024 RLAC DELHI UNIVERSITY.pptx
INDIA QUIZ 2024 RLAC DELHI UNIVERSITY.pptxINDIA QUIZ 2024 RLAC DELHI UNIVERSITY.pptx
INDIA QUIZ 2024 RLAC DELHI UNIVERSITY.pptx
 
Measures of Dispersion and Variability: Range, QD, AD and SD
Measures of Dispersion and Variability: Range, QD, AD and SDMeasures of Dispersion and Variability: Range, QD, AD and SD
Measures of Dispersion and Variability: Range, QD, AD and SD
 

Allowable deductions.feb.2011

  • 1. Allowable Deductions from Gross Income (Courtesy: www.philtaxation.blogspot.com )
  • 2.
  • 3.
  • 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
  • 5.
  • 6.
  • 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
  • 8.
  • 9.
  • 10.
  • 11.
  • 12.
  • 13.
  • 14.
  • 15.
  • 16.
  • 17.
  • 18.
  • 19.
  • 20.
  • 21.
  • 22.
  • 23.
  • 24.
  • 25.
  • 26.
  • 27.
  • 28.
  • 29.
  • 30.
  • 31.
  • 32.
  • 33.
  • 34.
  • 35.
  • 36.
  • 37.
  • 38.
  • 39.
  • 40.
  • 41.
  • 42.
  • 43.
  • 44.
  • 45.
  • 46.
  • 47.
  • 48.
  • 49.
  • 50.
  • 51.
  • 52.
  • 53.
  • 54.
  • 55.