Tag Archives: Gross Income

MCIT AND GROSS INCOME

Meaning of gross income:1. For sale of goods – Gross sales less sales returns, allowances, discounts and cost of goods sold. For sale of services – Gross receipts less sales returns, allowances, discounts and cost of services sold. Cost of … Continue reading

Posted in Taxation | Tagged , | Leave a comment

TRADE, BUSINESS, PRACTICE OF PROFESSION AND OTHER INCOME (AITR)

Computation of tax base for trade, business, profession and other income combined.   Gross income   Pxxx Less itemized deductions or 40% optional standard     deduction (OSD) based on GS or GR   xxx Net income   xxx Les … Continue reading

Posted in Taxation | Tagged , , , , | Leave a comment