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

Financial ratios
Financial ratiosFinancial ratios
Financial ratioselthea18
 
Principles of income taxation
Principles of income taxationPrinciples of income taxation
Principles of income taxationUniversity of Santo Tomas
 
Corporation Code(Philippines)
Corporation Code(Philippines)Corporation Code(Philippines)
Corporation Code(Philippines)Juan Acco
 
Bar operations 2014
Bar operations 2014Bar operations 2014
Bar operations 2014Rose Santos
 
Ias 1
Ias 1Ias 1
Ias 1University Of Central Punjab
 
National taxes
National taxesNational taxes
National taxesUniversity of Rizal System
 
06 chapter 7 business taxes
06 chapter 7 business taxes06 chapter 7 business taxes
06 chapter 7 business taxesFlab Villasencio
 
Ind AS 23 borrowing cost
Ind AS 23 borrowing costInd AS 23 borrowing cost
Ind AS 23 borrowing costGarima Maheshwari
 

Recommended

Financial ratios
Financial ratiosFinancial ratios
Financial ratioselthea18
 
Principles of income taxation
Principles of income taxationPrinciples of income taxation
Principles of income taxationUniversity of Santo Tomas
 
Corporation Code(Philippines)
Corporation Code(Philippines)Corporation Code(Philippines)
Corporation Code(Philippines)Juan Acco
 
Bar operations 2014
Bar operations 2014Bar operations 2014
Bar operations 2014Rose Santos
 
Ias 1
Ias 1Ias 1
Ias 1University Of Central Punjab
 
National taxes
National taxesNational taxes
National taxesUniversity of Rizal System
 
06 chapter 7 business taxes
06 chapter 7 business taxes06 chapter 7 business taxes
06 chapter 7 business taxesFlab Villasencio
 
Ind AS 23 borrowing cost
Ind AS 23 borrowing costInd AS 23 borrowing cost
Ind AS 23 borrowing costGarima Maheshwari
 
Financial Structure and Monetary Policy in the Philippines
Financial Structure and Monetary Policy in the PhilippinesFinancial Structure and Monetary Policy in the Philippines
Financial Structure and Monetary Policy in the PhilippinesJo Balucanag - Bitonio
 
Coop Framework
Coop FrameworkCoop Framework
Coop Frameworkjo bitonio
 
Interim reporting
Interim reportingInterim reporting
Interim reportingGeorge Cyriac
 
IAS-38 Intangible assets
IAS-38 Intangible assetsIAS-38 Intangible assets
IAS-38 Intangible assetsDHEERAJ AGRAWAL
 
Cash and Cash equivalent
Cash and Cash equivalentCash and Cash equivalent
Cash and Cash equivalentZoey Zungit
 
Financial Instruments Disclosures Ifrs 7
Financial Instruments Disclosures Ifrs 7Financial Instruments Disclosures Ifrs 7
Financial Instruments Disclosures Ifrs 7guesta497dc9
 
Fixed assets -tangible
Fixed assets -tangibleFixed assets -tangible
Fixed assets -tangibleDipanway Bhabuk
 
Income taxation
Income taxationIncome taxation
Income taxationChelly Ayo
 
Current issues problems and solutions in taxation(4 16-14)
Current issues problems and solutions in taxation(4 16-14)Current issues problems and solutions in taxation(4 16-14)
Current issues problems and solutions in taxation(4 16-14)padre821
 
Law on Sales Articles 1545-1560
Law on Sales Articles 1545-1560Law on Sales Articles 1545-1560
Law on Sales Articles 1545-1560Kristel Joy Jadormio
 
Accounting for corporations
Accounting for corporations Accounting for corporations
Accounting for corporations Czarina Patalod
 
Taxation
TaxationTaxation
TaxationKarl Obispo
 
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 lgunormina
 
International accounting standard 41 agriculture
International accounting standard 41 agricultureInternational accounting standard 41 agriculture
International accounting standard 41 agricultureIvan Kovacic
 
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...JR Lopez Gonzales
 
Individual income tax.feb.2011
Individual income tax.feb.2011Individual income tax.feb.2011
Individual income tax.feb.2011Phil Taxation
 
Corporate income tax.feb.2011
Corporate income tax.feb.2011Corporate income tax.feb.2011
Corporate income tax.feb.2011Phil Taxation
 
05 chapter 6 donor's tax
05 chapter 6 donor's tax05 chapter 6 donor's tax
05 chapter 6 donor's taxFlab Villasencio
 
Ind as 16
Ind as 16Ind as 16
Ind as 16SHASHIKANT VARSHNEY
 
IAS 16 -Property, Plant & Equipment (PPE)
IAS 16 -Property, Plant & Equipment (PPE)IAS 16 -Property, Plant & Equipment (PPE)
IAS 16 -Property, Plant & Equipment (PPE)M.K.Jahid Shuvo
 
Income tax intro topics.feb.2011
Income tax intro topics.feb.2011Income tax intro topics.feb.2011
Income tax intro topics.feb.2011Phil Taxation
 
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.2011Phil Taxation
 

More Related Content

What's hot

Financial Structure and Monetary Policy in the Philippines
Financial Structure and Monetary Policy in the PhilippinesFinancial Structure and Monetary Policy in the Philippines
Financial Structure and Monetary Policy in the PhilippinesJo Balucanag - Bitonio
 
Coop Framework
Coop FrameworkCoop Framework
Coop Frameworkjo bitonio
 
IAS-38 Intangible assets
IAS-38 Intangible assetsIAS-38 Intangible assets
IAS-38 Intangible assetsDHEERAJ AGRAWAL
 
Cash and Cash equivalent
Cash and Cash equivalentCash and Cash equivalent
Cash and Cash equivalentZoey Zungit
 
Financial Instruments Disclosures Ifrs 7
Financial Instruments Disclosures Ifrs 7Financial Instruments Disclosures Ifrs 7
Financial Instruments Disclosures Ifrs 7guesta497dc9
 
Income taxation
Income taxationIncome taxation
Income taxationChelly Ayo
 
Current issues problems and solutions in taxation(4 16-14)
Current issues problems and solutions in taxation(4 16-14)Current issues problems and solutions in taxation(4 16-14)
Current issues problems and solutions in taxation(4 16-14)padre821
 
Accounting for corporations
Accounting for corporations Accounting for corporations
Accounting for corporations Czarina Patalod
 
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 lgunormina
 
International accounting standard 41 agriculture
International accounting standard 41 agricultureInternational accounting standard 41 agriculture
International accounting standard 41 agricultureIvan Kovacic
 
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...JR Lopez Gonzales
 
Individual income tax.feb.2011
Individual income tax.feb.2011Individual income tax.feb.2011
Individual income tax.feb.2011Phil Taxation
 
Corporate income tax.feb.2011
Corporate income tax.feb.2011Corporate income tax.feb.2011
Corporate income tax.feb.2011Phil Taxation
 
IAS 16 -Property, Plant & Equipment (PPE)
IAS 16 -Property, Plant & Equipment (PPE)IAS 16 -Property, Plant & Equipment (PPE)
IAS 16 -Property, Plant & Equipment (PPE)M.K.Jahid Shuvo
 

What's hot (20)

Financial Structure and Monetary Policy in the Philippines
Financial Structure and Monetary Policy in the PhilippinesFinancial Structure and Monetary Policy in the Philippines
Financial Structure and Monetary Policy in the Philippines
 
Coop Framework
Coop FrameworkCoop Framework
Coop Framework
 
Interim reporting
Interim reportingInterim reporting
Interim reporting
 
IAS-38 Intangible assets
IAS-38 Intangible assetsIAS-38 Intangible assets
IAS-38 Intangible assets
 
Cash and Cash equivalent
Cash and Cash equivalentCash and Cash equivalent
Cash and Cash equivalent
 
Financial Instruments Disclosures Ifrs 7
Financial Instruments Disclosures Ifrs 7Financial Instruments Disclosures Ifrs 7
Financial Instruments Disclosures Ifrs 7
 
Fixed assets -tangible
Fixed assets -tangibleFixed assets -tangible
Fixed assets -tangible
 
Income taxation
Income taxationIncome taxation
Income taxation
 
Current issues problems and solutions in taxation(4 16-14)
Current issues problems and solutions in taxation(4 16-14)Current issues problems and solutions in taxation(4 16-14)
Current issues problems and solutions in taxation(4 16-14)
 
Law on Sales Articles 1545-1560
Law on Sales Articles 1545-1560Law on Sales Articles 1545-1560
Law on Sales Articles 1545-1560
 
Accounting for corporations
Accounting for corporations Accounting for corporations
Accounting for corporations
 
Taxation
TaxationTaxation
Taxation
 
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
 
International accounting standard 41 agriculture
International accounting standard 41 agricultureInternational accounting standard 41 agriculture
International accounting standard 41 agriculture
 
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...
 
Individual income tax.feb.2011
Individual income tax.feb.2011Individual income tax.feb.2011
Individual income tax.feb.2011
 
Corporate income tax.feb.2011
Corporate income tax.feb.2011Corporate income tax.feb.2011
Corporate income tax.feb.2011
 
05 chapter 6 donor's tax
05 chapter 6 donor's tax05 chapter 6 donor's tax
05 chapter 6 donor's tax
 
Ind as 16
Ind as 16Ind as 16
Ind as 16
 
IAS 16 -Property, Plant & Equipment (PPE)
IAS 16 -Property, Plant & Equipment (PPE)IAS 16 -Property, Plant & Equipment (PPE)
IAS 16 -Property, Plant & Equipment (PPE)
 

Viewers also liked

Income tax intro topics.feb.2011
Income tax intro topics.feb.2011Income tax intro topics.feb.2011
Income tax intro topics.feb.2011Phil Taxation
 
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.2011Phil Taxation
 
Computation of income tax
Computation of income taxComputation of income tax
Computation of income taxMarvin Morales
 
General principles/Fundamentals of Taxation
General principles/Fundamentals of TaxationGeneral principles/Fundamentals of Taxation
General principles/Fundamentals of TaxationPhil Taxation
 
Jojo obligation and contracts ppt.
Jojo obligation and contracts ppt.Jojo obligation and contracts ppt.
Jojo obligation and contracts ppt.jojoisanan_mendoza
 
Obligations and contracts
Obligations and contractsObligations and contracts
Obligations and contractsJecko Bechayda
 
Law On Obligations And Contracts boa
Law On Obligations And Contracts boaLaw On Obligations And Contracts boa
Law On Obligations And Contracts boaraileeanne
 
Complying with federal grant regs
Complying with federal grant regsComplying with federal grant regs
Complying with federal grant regshealthhiv
 
HMRC Allowable Expenses
HMRC Allowable ExpensesHMRC Allowable Expenses
HMRC Allowable ExpensesAli Afzal
 
Net Operating Loss Computation for Individuals
Net Operating Loss Computation for Individuals Net Operating Loss Computation for Individuals
Net Operating Loss Computation for Individualstaxman taxman
 
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 Patrick Huegel
 
Basic Estate Tax
Basic Estate TaxBasic Estate Tax
Basic Estate Taxwardwilsey
 
Triple f health club group 2
Triple f health club group 2Triple f health club group 2
Triple f health club group 2Kelly Cornett
 
Contract and its kinds
Contract and its kindsContract and its kinds
Contract and its kindsMuneeb Ahsan
 

Viewers also liked (20)

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
 
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
 
General principles of taxation
General principles of taxationGeneral principles of taxation
General principles 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
 
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
 
excise tax
excise tax excise tax
excise tax
 
Contract and its kinds
Contract and its kindsContract and its kinds
Contract and its kinds
 

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-profession4ajay mishra
 
Understanding And Planning For UBIT
Understanding And Planning For UBITUnderstanding And Planning For UBIT
Understanding And Planning For UBITBrian T. Whitlock
 
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.pptsmeetsanghvi
 
Profits and Gains of Business
Profits and Gains of BusinessProfits and Gains of Business
Profits and Gains of Businessskillfulyards
 
The ABCs Hedge Fund Tax
The ABCs Hedge Fund TaxThe ABCs Hedge Fund Tax
The ABCs Hedge Fund TaxDecosimoCPAs
 
Profit & Gains from Business or Profession.
Profit & Gains from Business or Profession.Profit & Gains from Business or Profession.
Profit & Gains from Business or Profession.RAJESH JAIN
 
DTC PART !!
DTC PART !!DTC PART !!
DTC PART !!appyg
 
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 iDVSResearchFoundatio
 
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 .pdfVirtualGGC
 
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 DealHeritage Ohio
 
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 1Heritage Ohio
 
Financial Statements_Presentation
Financial Statements_PresentationFinancial Statements_Presentation
Financial Statements_PresentationPraveen Sudarsan
 
Tax Planning For Film Production & Distribution
Tax Planning For Film Production & DistributionTax Planning For Film Production & Distribution
Tax Planning For Film Production & Distributioncrinal2
 
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...kaliwhit
 

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
 
Chapter 4 tax
Chapter 4 taxChapter 4 tax
Chapter 4 tax
 
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...
 

Recently uploaded

Computed Fields and api Depends in the Odoo 17
Computed Fields and api Depends in the Odoo 17Computed Fields and api Depends in the Odoo 17
Computed Fields and api Depends in the Odoo 17Celine George
 
4.18.24 Movement Legacies, Reflection, and Review.pptx
4.18.24 Movement Legacies, Reflection, and Review.pptx4.18.24 Movement Legacies, Reflection, and Review.pptx
4.18.24 Movement Legacies, Reflection, and Review.pptxmary850239
 
Karra SKD Conference Presentation Revised.pptx
Karra SKD Conference Presentation Revised.pptxKarra SKD Conference Presentation Revised.pptx
Karra SKD Conference Presentation Revised.pptxAshokKarra1
 
ENGLISH6-Q4-W3.pptxqurter our high choom
ENGLISH6-Q4-W3.pptxqurter our high choomENGLISH6-Q4-W3.pptxqurter our high choom
ENGLISH6-Q4-W3.pptxqurter our high choomnelietumpap1
 
GRADE 4 - SUMMATIVE TEST QUARTER 4 ALL SUBJECTS
GRADE 4 - SUMMATIVE TEST QUARTER 4 ALL SUBJECTSGRADE 4 - SUMMATIVE TEST QUARTER 4 ALL SUBJECTS
GRADE 4 - SUMMATIVE TEST QUARTER 4 ALL SUBJECTSJoshuaGantuangco2
 
ANG SEKTOR NG agrikultura.pptx QUARTER 4
ANG SEKTOR NG agrikultura.pptx QUARTER 4ANG SEKTOR NG agrikultura.pptx QUARTER 4
ANG SEKTOR NG agrikultura.pptx QUARTER 4MiaBumagat1
 
ACC 2024 Chronicles. Cardiology. Exam.pdf
ACC 2024 Chronicles. Cardiology. Exam.pdfACC 2024 Chronicles. Cardiology. Exam.pdf
ACC 2024 Chronicles. Cardiology. Exam.pdfSpandanaRallapalli
 
HỌC TỐT TIẾNG ANH 11 THEO CHƯƠNG TRÌNH GLOBAL SUCCESS ĐÁP ÁN CHI TIẾT - CẢ NĂ...
HỌC TỐT TIẾNG ANH 11 THEO CHƯƠNG TRÌNH GLOBAL SUCCESS ĐÁP ÁN CHI TIẾT - CẢ NĂ...HỌC TỐT TIẾNG ANH 11 THEO CHƯƠNG TRÌNH GLOBAL SUCCESS ĐÁP ÁN CHI TIẾT - CẢ NĂ...
HỌC TỐT TIẾNG ANH 11 THEO CHƯƠNG TRÌNH GLOBAL SUCCESS ĐÁP ÁN CHI TIẾT - CẢ NĂ...Nguyen Thanh Tu Collection
 
AMERICAN LANGUAGE HUB_Level2_Student'sBook_Answerkey.pdf
AMERICAN LANGUAGE HUB_Level2_Student'sBook_Answerkey.pdfAMERICAN LANGUAGE HUB_Level2_Student'sBook_Answerkey.pdf
AMERICAN LANGUAGE HUB_Level2_Student'sBook_Answerkey.pdfphamnguyenenglishnb
 
Procuring digital preservation CAN be quick and painless with our new dynamic...
Procuring digital preservation CAN be quick and painless with our new dynamic...Procuring digital preservation CAN be quick and painless with our new dynamic...
Procuring digital preservation CAN be quick and painless with our new dynamic...Jisc
 
DATA STRUCTURE AND ALGORITHM for beginners
DATA STRUCTURE AND ALGORITHM for beginnersDATA STRUCTURE AND ALGORITHM for beginners
DATA STRUCTURE AND ALGORITHM for beginnersSabitha Banu
 
Field Attribute Index Feature in Odoo 17
Field Attribute Index Feature in Odoo 17Field Attribute Index Feature in Odoo 17
Field Attribute Index Feature in Odoo 17Celine George
 
Proudly South Africa powerpoint Thorisha.pptx
Proudly South Africa powerpoint Thorisha.pptxProudly South Africa powerpoint Thorisha.pptx
Proudly South Africa powerpoint Thorisha.pptxthorishapillay1
 
Keynote by Prof. Wurzer at Nordex about IP-design
Keynote by Prof. Wurzer at Nordex about IP-designKeynote by Prof. Wurzer at Nordex about IP-design
Keynote by Prof. Wurzer at Nordex about IP-designMIPLM
 
THEORIES OF ORGANIZATION-PUBLIC ADMINISTRATION
THEORIES OF ORGANIZATION-PUBLIC ADMINISTRATIONTHEORIES OF ORGANIZATION-PUBLIC ADMINISTRATION
THEORIES OF ORGANIZATION-PUBLIC ADMINISTRATIONHumphrey A Beña
 
Earth Day Presentation wow hello nice great
Earth Day Presentation wow hello nice greatEarth Day Presentation wow hello nice great
Earth Day Presentation wow hello nice greatYousafMalik24
 
Visit to a blind student's school🧑‍🦯🧑‍🦯(community medicine)
Visit to a blind student's school🧑‍🦯🧑‍🦯(community medicine)Visit to a blind student's school🧑‍🦯🧑‍🦯(community medicine)
Visit to a blind student's school🧑‍🦯🧑‍🦯(community medicine)lakshayb543
 
How to do quick user assign in kanban in Odoo 17 ERP
How to do quick user assign in kanban in Odoo 17 ERPHow to do quick user assign in kanban in Odoo 17 ERP
How to do quick user assign in kanban in Odoo 17 ERPCeline George
 

Recently uploaded (20)

Computed Fields and api Depends in the Odoo 17
Computed Fields and api Depends in the Odoo 17Computed Fields and api Depends in the Odoo 17
Computed Fields and api Depends in the Odoo 17
 
Model Call Girl in Tilak Nagar Delhi reach out to us at 🔝9953056974🔝
Model Call Girl in Tilak Nagar Delhi reach out to us at 🔝9953056974🔝Model Call Girl in Tilak Nagar Delhi reach out to us at 🔝9953056974🔝
Model Call Girl in Tilak Nagar Delhi reach out to us at 🔝9953056974🔝
 
OS-operating systems- ch04 (Threads) ...
OS-operating systems- ch04 (Threads) ...OS-operating systems- ch04 (Threads) ...
OS-operating systems- ch04 (Threads) ...
 
4.18.24 Movement Legacies, Reflection, and Review.pptx
4.18.24 Movement Legacies, Reflection, and Review.pptx4.18.24 Movement Legacies, Reflection, and Review.pptx
4.18.24 Movement Legacies, Reflection, and Review.pptx
 
Karra SKD Conference Presentation Revised.pptx
Karra SKD Conference Presentation Revised.pptxKarra SKD Conference Presentation Revised.pptx
Karra SKD Conference Presentation Revised.pptx
 
ENGLISH6-Q4-W3.pptxqurter our high choom
ENGLISH6-Q4-W3.pptxqurter our high choomENGLISH6-Q4-W3.pptxqurter our high choom
ENGLISH6-Q4-W3.pptxqurter our high choom
 
GRADE 4 - SUMMATIVE TEST QUARTER 4 ALL SUBJECTS
GRADE 4 - SUMMATIVE TEST QUARTER 4 ALL SUBJECTSGRADE 4 - SUMMATIVE TEST QUARTER 4 ALL SUBJECTS
GRADE 4 - SUMMATIVE TEST QUARTER 4 ALL SUBJECTS
 
ANG SEKTOR NG agrikultura.pptx QUARTER 4
ANG SEKTOR NG agrikultura.pptx QUARTER 4ANG SEKTOR NG agrikultura.pptx QUARTER 4
ANG SEKTOR NG agrikultura.pptx QUARTER 4
 
ACC 2024 Chronicles. Cardiology. Exam.pdf
ACC 2024 Chronicles. Cardiology. Exam.pdfACC 2024 Chronicles. Cardiology. Exam.pdf
ACC 2024 Chronicles. Cardiology. Exam.pdf
 
HỌC TỐT TIẾNG ANH 11 THEO CHƯƠNG TRÌNH GLOBAL SUCCESS ĐÁP ÁN CHI TIẾT - CẢ NĂ...
HỌC TỐT TIẾNG ANH 11 THEO CHƯƠNG TRÌNH GLOBAL SUCCESS ĐÁP ÁN CHI TIẾT - CẢ NĂ...HỌC TỐT TIẾNG ANH 11 THEO CHƯƠNG TRÌNH GLOBAL SUCCESS ĐÁP ÁN CHI TIẾT - CẢ NĂ...
HỌC TỐT TIẾNG ANH 11 THEO CHƯƠNG TRÌNH GLOBAL SUCCESS ĐÁP ÁN CHI TIẾT - CẢ NĂ...
 
AMERICAN LANGUAGE HUB_Level2_Student'sBook_Answerkey.pdf
AMERICAN LANGUAGE HUB_Level2_Student'sBook_Answerkey.pdfAMERICAN LANGUAGE HUB_Level2_Student'sBook_Answerkey.pdf
AMERICAN LANGUAGE HUB_Level2_Student'sBook_Answerkey.pdf
 
Procuring digital preservation CAN be quick and painless with our new dynamic...
Procuring digital preservation CAN be quick and painless with our new dynamic...Procuring digital preservation CAN be quick and painless with our new dynamic...
Procuring digital preservation CAN be quick and painless with our new dynamic...
 
DATA STRUCTURE AND ALGORITHM for beginners
DATA STRUCTURE AND ALGORITHM for beginnersDATA STRUCTURE AND ALGORITHM for beginners
DATA STRUCTURE AND ALGORITHM for beginners
 
Field Attribute Index Feature in Odoo 17
Field Attribute Index Feature in Odoo 17Field Attribute Index Feature in Odoo 17
Field Attribute Index Feature in Odoo 17
 
Proudly South Africa powerpoint Thorisha.pptx
Proudly South Africa powerpoint Thorisha.pptxProudly South Africa powerpoint Thorisha.pptx
Proudly South Africa powerpoint Thorisha.pptx
 
Keynote by Prof. Wurzer at Nordex about IP-design
Keynote by Prof. Wurzer at Nordex about IP-designKeynote by Prof. Wurzer at Nordex about IP-design
Keynote by Prof. Wurzer at Nordex about IP-design
 
THEORIES OF ORGANIZATION-PUBLIC ADMINISTRATION
THEORIES OF ORGANIZATION-PUBLIC ADMINISTRATIONTHEORIES OF ORGANIZATION-PUBLIC ADMINISTRATION
THEORIES OF ORGANIZATION-PUBLIC ADMINISTRATION
 
Earth Day Presentation wow hello nice great
Earth Day Presentation wow hello nice greatEarth Day Presentation wow hello nice great
Earth Day Presentation wow hello nice great
 
Visit to a blind student's school🧑‍🦯🧑‍🦯(community medicine)
Visit to a blind student's school🧑‍🦯🧑‍🦯(community medicine)Visit to a blind student's school🧑‍🦯🧑‍🦯(community medicine)
Visit to a blind student's school🧑‍🦯🧑‍🦯(community medicine)
 
How to do quick user assign in kanban in Odoo 17 ERP
How to do quick user assign in kanban in Odoo 17 ERPHow to do quick user assign in kanban in Odoo 17 ERP
How to do quick user assign in kanban in Odoo 17 ERP
 

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.