Bins tax summary.docx - ALLOWABLE PERSONAL DEDUCTION...

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ALLOWABLE PERSONAL DEDUCTION Personal Exemption Granted by law to individual. Allowable deduction from Gross Income. No direct or Indirect relation with the income level of the taxpayer. 2 TYPES: 1. Basic Personal Exemption (civil or filing status) RC- income w/in or outside the Philippines. NRC- income within the Philippines. RA- income within the Philippines. NRA-EBT -the country of a non-resident alien has its own tax law. -there is reciprocity . -files an accurate income tax return. -the Philippines shall be the lower amount between the tax law of NRA-EBT country grants and Philippines. NRA-NEBT and NRA-NEBT that has no reciprocity is not entitled to BPE. 2. Additional Personal Exemption (number of qualified children) RC- income within the Philippines. NRC- income within the Philippines. RA (has qualified children living w/ him/her)- income within the Philippines. NRA-EBT or NRA-NEBT- cannot claim APE. Head of the Family or Married individual w/ qualified children.
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  • Summer '17
  • ytac
  • Tax law, Taxation in the United States, personal exemption

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