Saturday, April 25, 2015

Individual Taxpayers Who Are Not Entitled To Avail Of The Optional Standard Deductions (OSD)

In Section 5. B. of Revenue Regulations (RR) No. 2-2014, stated that Individual taxpayers who are not entitles to avail of the Optional Standard Deductions (OSD) and thus use only the itemized deduction method are as follows:

1. Those exempt under the Tax Code, as amended, and other special laws with no other taxable income [e.g. Barangay Micro Business Enterprise (BMBE)];

2. Those income subject to special/preferential tax rates ; and 

3. Those with income subject to income tax rate under Section 24 of the Tax Code, as amended, and also with income subject to special/preferential tax rates.

1 comment:

  1. can i ask where is the Nonresident alien engaged in trade or business, Nonresident alien not engaged in trade or business and Nonresident foreign corporation in the three that you'd given at the top?

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