PHILIPPINE TAX SYSTEM AND INCOME TAXATION

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MODULE 6:CONCEPT OF INCOME-PART 2

Concept of Income-Part 2

LEARNING OBJECTIVES
At the end of this module, you are expected
to:
1. What is the classification of gross income
from the business?
2. What is the taxability of rent income?
3. How are gains from dealings in property accounted for?
4. What is the taxability of passive income?
5. What are the tax rates applicable to income subject to final taxes?
6. What are the non-taxable income?

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INCOME

Non-
Taxable
Taxable

Section 32A Section 32B

of Tax Code of Tax Code

Gross Income
- Pertinent items of income are referred to in Section 32(A) of the Tax Code.
- Includes all income from whatever sources (unless exempt by law) including, but not
limited to, the following items

Compensation
1. Compensation for services in whatever form paid including fees, salaries and
Income wages, commissions, and similar items

2. Gross income derived from:

Profession or a. the conduct of trade or business
Business Income
b. the exercise of a profession
3. Rent Income

Capital Gain 4. Gains from dealings in property

5. Interest Income

Passive Income
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6. Royalty Income
7. Dividend Income
8. Annuity Income
9. Prizes and winning
Profession Income 10. Partner’s distributive share from the net income of a general professional
partnership

Gross Income from Business and Profession

- Income derived from the conduct of a trade or business or the exercise of a profession
- May arise from the sale of products or services
- Examples:
• Fees received by a professional person (doctor’s fee, lawyer’s fee, audit fee)
• Rents received by a person in the real estate business
- Taxed at progressive rates on:
▪ Net Business Income
▪ Net Income of a Professional

• Net Business Income

Gross Business Income for Tax Purposes
Less: Allowable Deductions
Net Business Income

• Net Income of a Professional

Gross Fees/Gross Receipts
Less: Allowable Deductions
Net Income of a Professional

Classification of Gross Income from Business

The gross income from the business is classified into several groups, namely:
1. Manufacturing
2. Merchandising
3. Servicing
4. Farming
5. Long-term contract

Gross income of a manufacturing and merchandising firm

Total Sales
Less: Sales Return and Allowance
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MODULE 6:CONCEPT OF INCOME-PART 2

Less: Sales Discounts

Net Sales
Less: Cost of Goods Sold
Gross Profit
Plus: Other income (from investment and other incidental or outside operations or sources)

Gross Business Income for Tax Purposes

Gross income of a servicing firm (sale of service)

Gross Receipts
Less: Returns and Allowances
Less: Discounts
Less: Cost of Service
Gross Business Income for Tax Purposes

ILLUSTRATION
ABC’s General Merchandise provided the following data in its initial operation to determine
the gross income for the current year:
Sales 250,000
Merchandise inventory, end 30,000
Sales returns and allowances 20,000
Purchases 160,000
Sales discounts 40,000
Gains from sale of scrap materials 15,000

ANSWER

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MODULE 6:CONCEPT OF INCOME-PART 2

Net Sales P 190,000

Cost of Good Sold 130,000
Gross Profit P 60,000
Gains from sale of scrap materials 15,000
Gross Income P 75,000

Sales P 250,000
Sales returns and allowances (20,000)
Sales discounts (40,000)
Net Sales P 190,000

Merchandise inventory, beginning P -

Purchases 160,000
Cost of goods available for sale P 160,000
Merchandise inventory, end 30,000
Cost of Good Sold P 130,000

Cost of Service

- These are the costs and expenses directly incurred to provide the services required by the
customers and clients, which includes:
a. Salaries
b. Benefits of employees, consultant’s and other experts directly rendering the service
c. Cost of facilities directly utilized in providing the service such as:
▪ Depreciation of equipment
▪ Rent of equipment
▪ Cost of supplies used
d. In the case of banks, costs of services shall include interest expense

Rent Income

- This refers to income earned from leasing out of real or personal property
- The taxable rent income is the aggregate of the following:
1. Current rental or lease collection
2. Advance rental collection and/or security deposit without restriction
3. Payment of the lessee to third parties in behalf of the lessor like:
a. Interest Expense

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b. Taxes
c. Loans
d. Insurance premiums
4. Uncollected rent income earned already at the end of the period (accrued rent income)
5. Income from leasehold improvements

ILLUSTRATION
Mr. Ruben Padilla leases two rooms of her three-storey commercial building to Ms. Mariel Roguez on
January 1 of the current taxable year. The lessee, as agreed, shall make the following payments:
• Monthly rental 20,000
• Security deposits (two months equivalent) 50,000
• Annual real estate tax 5,000
• Annual premium of fire insurance 4,000
Determine the amount of gross rent income if:
1. Security deposit is with restriction
2. Security deposit is without restriction
ANSWER to Number 1

Monthly rental P 20,000

Security deposits (two months equivalent) -
Annual real estate tax 5,000
Annual premium of fire insurance 4,000
Total Rent Income P 29,000

Security Deposits are usually intended to cover damages to the leased premises caused by the lessee. If
such a deposit restricts the lessor as to its use, then the amount received by the lessor is not included in
the total gross income.
ANSWER to Number 2

Monthly rental P 20,000

Security deposits (two months equivalent) 50,000
Annual real estate tax 5,000
Annual premium of fire insurance 4,000
Total Rent Income P 79,000

Generally speaking, security deposits are not taxable. However, if the lessor is not restricted to utilize the
amount received as a security deposit, such as when the lessee fails to pay his rental fee or when the
lessee agrees that such deposit will be forfeited in exchange for lease contract pre-termination, then
such amount will be included in the total gross income of the lessor.

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• Income from leasehold improvements

Leasehold Improvements
- These are additions, improvements, major renovations to the existing property in
order to improve the current condition of the property leased out.
- Query:
• What is the appropriate tax treatment of leasehold improvements made by the
lessee but subsequently became the property of the lessor at the end of the
lease term or lease period?
- Answer:
• In the event, the lessee constructed an improvement on the leased property,
and such improvement became the property of the lessor at the expiration of
the lease contract, the monetary value of the leasehold improvement should
be recognized as income by the lessor in addition to the annual rent income.

- Methods of Computing Income from Leasehold Improvements

1. Outright Method
- Income to be FMV at the date the improvement has been completed
recognized:
2. Spread-out Method
- Income to be Allocated portion of income recognized to each period
recognized:

Book Value of the Improvement Lease term

at the end of lease term

Cost of the Improvement

Divide: Estimated Useful Life
Annual Depreciation
Multiply: Lease Term
Accumulated Depreciation – end of lease term

Cost of the Improvement

Less: Accumulated Depreciation – end of lease term
Book Value of the Improvement – end of lease term

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ILLUSTRATION
Mr. Juan Dela Cruz rented the vacant lot of Mr. John Dy for a term of 20 years. The lessee agreed
to pay a monthly rental of P55,000 in addition to the real property tax of P7,000.

Mr.Dela Cruz constructed a building on the leased property at a total cost of P5,500,000 with an
estimated useful life of 50 years without residual value.

As part of their agreement, the building will become the property of Mr. Dy at the expiration of
the lease contract.

When the building was completed, and the contract became effective, the fair market value of the
improvement was P7,500,000
Compute the gross income from the rental of Mr. John Dy for the taxable year using the
following:
1. Outright method
a. On the date of completion
b. Before the date of completion
c. After the date of completion
2. Spread-out method
ANSWER to Number 1a

Rental (P55,000*12mos) P 660,000

Real Property Tax 7,000
Leasehold Improvement 7,500,000
Gross income from rental P 8,167,000

Since Mr. John Dy uses the outright method, income from leasehold improvement will be
recognized on the date of completion only.
ANSWER to Number 1b

Rental (P55,000*12mos) P 660,000

Real Property Tax 7,000
Leasehold Improvement -
Gross income from rental P 667,000

ANSWER to Number 1C
Rental (P55,000*12mos) P 660,000
Real Property Tax 7,000
Leasehold Improvement -
Gross income from rental P 667,000

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ANSWER to Number 2

Rental (P55,000*12mos) P 660,000

Real Property Tax 7,000
Leasehold Improvement 165,000
Gross income from rental P 832,000

Cost P 5,500,000
Useful Life 50 years
Annual Depreciation P 110,000
Lease term 20 years
Accumulated Depreciation at the end of lease term P 2,200,000

Cost P 5,500,000
Accumulated Depreciation at the end of lease term 2,200,000
Book Value at the end of lease term P 3,300,000
Lease term 20 years
Allocated portion of income P 165,000

An allocated portion of income should be determined on each period if the lessor opts to recognize
income from leasehold improvement under the spread-out method.

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Income from leasehold improvements (Continuation)

- Query:
• What are the appropriate tax procedures if the contract of lease is terminated
before the expiration of the lease term?
- Answer:
1. If the leasehold improvement is destroyed by fire, typhoon, earthquake, or
other similar inevitable circumstances and has no salvage value or
insurance coverage,
Lessor entitled to deduct as loss
Income on leasehold improvement
recognized, regardless if outright or
spread-out method is used

Outright method Spread-out method

Income on improvement previously recognized Recognized income from leasehold

Less: Accumulated depreciation
Book Valueon leasehold improvement = LOSS!

2. If the leasehold improvement is destroyed by fire, typhoon, earthquake, or

other similar inevitable circumstances but has salvage value or is covered
by an insurance contract,
Lessor entitled to deduct as loss

Outright method Spread-out method

Income on improvement previously recognized Recognized income from leasehold

Less: Accumulated depreciation Less: Salvage value and recoverable amount from the insurance

Book value on leasehold improvement Loss on leasehold improvement

Less: Salvage value and recoverable amount from the insurance

Loss on leasehold improvement

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MODULE 6:CONCEPT OF INCOME-PART 2

under outright method, leasehold improvement is depreciated over

▪ the term of lease or
▪ the life of the Whichever is LOWER improvement

3. If the lease term has been terminated by the lessor for a valid cause,
Lessor recognize additional income

Outright method Spread-out method

Income on improvement previously recognized Cost of Improvement

Less: Accumulated depreciation Less: Accumulated depreciation

Book value on leasehold improvement = INCOME! Book value on leasehold improvement = INCOME!

Under outright method, Under spread-out method,

leasehold improvement leasehold improvement is depreciated over
is depreciated over life of improvement
▪ the term of lease or
▪ the life of improvement whichever is LOWER

ILLUSTRATION
Mr. Juan Dela Cruz rented the vacant lot of Mr. John Dy for a term of 20 years. The lessee agreed
to pay a monthly rental of P55,000 in addition to the real property tax of P7,000.

Mr.Dela Cruz constructed a building on the leased property at a total cost of P5,500,000 with an
estimated useful life of 50 years without residual value. As agreed, the building will become the
property of Mr. Dy at the expiration of the lease contract.

When the building was completed, and the contract became effective, the fair market value of the
improvement was P7,500,000
CASE 1: Assume further that the lessor was using an outright method of reporting leasehold
improvement, and the improvement was destroyed by fire at the end of the 15th year. Also,
assume that such improvements have no salvage value and insurance coverage. Compute the
deductible loss:
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MODULE 6:CONCEPT OF INCOME-PART 2

ANSWER

Income on improvement previously recognized P 7,500,000

Less: Accumulated depreciation 4,125,000
Book value on leasehold improvement P 3,375,000
Less: Salvage value -
Less: Recoverable amount from the insurance -
Loss on leasehold improvement P 3,375,000

Cost P 5,500,000
Salvage Value -
Depreciable Cost P 5,500,000
Lease term 20
Annual Depreciation P 275,000
Year of loss 15 years
Accumulated Depreciation at the end of lease term P 4,125,000

On the date of completion, the lessor previously recognized the fair market value of the
improvement at P7,500,000. By deducting such amount to the accumulated depreciation at the
year of the loss, the entire book value is the deductible loss.

It should be noted further that under the outright method, leasehold improvement is depreciated
over the lower lease term or useful life. In this case, the lease term is only 20 years as against the
useful life of 50 years; hence, leasehold improvement shall be depreciated over 20 years only.
CASE 2: Assume that the lessor was using the spread-out method and that the building was
destroyed by fire at the end of the 15th year with a salvage value of P75,000 and
the recoverable amount of P175,000 from the insurance company.
Compute the deductible loss:
ANSWER

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MODULE 6:CONCEPT OF INCOME-PART 2

Book Value at year of loss P 3,872,500

Insurance 175,000
Deductible Loss P 3,697,500

Cost P 5,500,000
Salvage Value 75,000
Depreciable Cost P 5,425,000
Useful Life 50 years
Annual Depreciation P 108,500
Year of loss 15 years
Accumulated Depreciation at the end of lease term P 1,627,500

Cost P 5,500,000
Accumulated Depreciation at the end of lease term 1,627,500
Book Value at the end of lease term P 3,872,500

CASE 3: Assume that the lessor was using spread-out method, and terminated the lease
agreement at the end of the 15th year due to the failure of the lessee to pay agreed
rental fee. Compute the additional income:
ANSWER

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MODULE 6:CONCEPT OF INCOME-PART 2

FMV or Book Value at year of pre-termination P 3,850,000

Income already recognized 2,475,000
Additional Income P 1,375,000

Cost P 5,500,000
Useful Life 50 years
Annual Depreciation P 110,000
Year of pre-termination 15 years
Accumulated Depreciation at the year of pre-termination 1,650,000

Cost P 5,500,000
Accumulated Depreciation at the year of pre-termination 1,650,000
Book Value at year of pre-termination P 3,850,000

Cost P 5,500,000
Useful Life 50 years
Annual Depreciation P 110,000
Lease term 20 years
Accumulated Depreciation at the end of lease term P 2,200,000

Cost P 5,500,000
Accumulated Depreciation at the end of lease term 2,200,000
Book Value at the end of lease term P 3,300,000
Lease term 20 years
Allocated portion of income in each period P 165,000
Years used 15 years
Income already recognized P 2,475,000

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MODULE 6:CONCEPT OF INCOME-PART 2

Gains from dealings in property

- These are income derived from the sale or exchange of assets, either ordinary or capital

GAINS FROM DEALINGS IN PROPERTY

Sale of Exchange of
Assets Assets

Ordinary Capital Ordinary Capital

Assets Assets Assets Assets

DETERMINATION OF GAIN (LOSS) FROM DEALINGS IN PROPERTY

Sale of Property Exchange of Property
Selling Price Pxxx Fair Market Pxxx
Less: Cost (xxx) Value (xxx)
Capital Gain xxx Less: Cost xxx
(Loss) Capital Gain
(Loss)

Assets

Ordinary Capital
Assets Assets

those that are

used in not used in
classification: not classified as
business business ordinary assets

for for for real

for dealer of
merchandisi manufacturi estate securities residential
ng business ng business developer houses,
shares of
stock NOT
finished goods inventories, real estate like shares of stock TRADED in
merchandise
work in process inventory land, building, TRADED in the Stock
inventory houses Stock Exchange
raw materials inventory Exchnage

PART of GROSS TAXABLE INCOME NOT PART of GROSS TAXABLE INCOME

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subject to schedular tax rate subject to capital gains tax
(BASIC TAX) (FINAL TAX)
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MODULE 6:CONCEPT OF INCOME-PART 2

INCOME SUBJECT TO FINAL TAXES

SPECIAL Citizens Aliens
TYPE OF PASSIVE INCOME TAXPAYERS NRA NRA
RC NRC RA
(except MWE) ETB NETB
Section 24 (B). Final Tax Rates on Passive Income from PHILIPPINES sources
(1) Interest, Royalties, Prizes and Other Winnings
a. Interest from any currency bank deposit 20% 25%
b. Yield or any other monetary benefit from deposit substitute 20% 25%
c. Yield or any other monetary benefit from trust funds and similar arrangements 20% 25%
d. Royalties, in general (other than royalties described in letter e) 20% 25%
e. Royalties on books, literary works and musical compositions 10% 25%
f. Prizes and other winnings exceeding P10,000
(including Philippine Charity Sweepstakes and Lotto winnings) 20% 25%
g. Interest incomes received from a depository bank under expanded foreign currency deposit system 15% 15% Exempt 15% Exempt Exempt
h. Interest income from long-term deposit or investment evidence by certificates prescribed by BSP. Exempt
If preterminated before fifth year, a final tax shall be imposed base on remaining maturity
4 years to less than 5 years 5% 25%
3 years to less than 4 years 12%
less than 3 years 20%
(2) Cash and/or Property Dividends
a. Cash and/or property dividends actually or constructively received from:
domestic corporation
joint stock corporation
10% 10% 10% 10% 20% 25%
insurance companies
mutual fund companies
regional operating headquarters of multinational companies
b. Share of an individual in the distributable net income after tax of a PARTNERSHIP
(other than general professional partnership) 10% 10% 10% 10% 20% 25%
c. Share of an individual in the net income after tax of an ASSOCIATION, a JOINT ACCOUNT, or a JOINT
VENTURE or CONSORTIUM taxable as a corporation, which he is member or co-venturer 10% 10% 10% 10% 20% 25%
Section 24 (C). Capital Gains from Sale of Shares of Stock of a
DOMESTIC CORPORATION NOT TRADED in the Stock Exchange
Tax Base : Net Capital Gain
15% 25%
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Tax Rate
Section 24 (D). Capital Gains from Sale of Real Property
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MODULE 6:CONCEPT OF INCOME-PART 2

1. Life insurance proceeds

2. Return of premium
Exclusions
3. Gifts, bequests, devises
from gross
4. Compensation for injuries
income
5. Retirement benefits
6. Other non-taxable income

1. Life Insurance Proceeds

- Proceeds of life insurance policy payable upon the death of the insured
- Taxable if: insured outlives the policy
2. Return of Premiums
- Premiums paid for life insurance, returned either during the term, at the maturity, or upon
surrender of the contract
3. Gifts, Bequest, Devises
- Value of the property acquired by gift, bequest, devise, or descent
4. Compensation for injuries
- Compensation for personal injuries or sickness received from insurance plus damages
5. Retirement benefits, pensions, etc.
A. Retirement benefits – requisites:
a. The employer must maintain a private pension plan which is approved by the
BIR
b. The employee has been in the service of the same employer for at least 10 years.
c. The retiring employee must be at least 50 years old upon retirement
d. The benefit of exemption can be availed only once
B. Separation pay – requisites:
Separation of employee from service must be due to:
a. Death, sickness, physical disability, or
b. Any cause beyond the control of the employee

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Examples:
▪ Dismissal due to installation of labor-saving device
▪ Retrenchment
▪ Bankruptcy

6. Other non-taxable income

i. Prizes and awards
- Given to religious, charitable, scientific, educational, artistic, literary, or civic
enhancement, provided that:
• Recipient did not join the contest
• Recipient is not required to render substantial future services
- Granted to athletes in local and international sports competitions, provided that:
• Sanctioned by their national sports associations
• And the sports associations must be recognized by the Philippine Olympic
Committee (POC)
ii. Benefits received by persons residing in the Philippines under U.S. laws administered by
U.S. Veterans Administration
iii. Benefits received from SSS, GSIS including retirement gratuity received by government
officials and employees
iv. Employer’s share in GSIS, SSS, PhilHealth and Pag-ibig contributions of their employees
v. Compensation income of Minimum Wage Earners (MWEs) including their holiday pay,
overtime pay, night shift differential pay and hazard pay.
N.B.

However, an employee being paid a statutory minimum wage (SMW)

a. who receives additional compensation such as commissions, honoraria,

benefits in excess of P90,000
b. who receives other income, such as income from the conduct of trade,
business, or practice of profession, except income subject to final tax

shall not enjoy the privilege of being a MWE and,

therefore, his entire earnings are no longer exempt from income tax,
hence TAXABLE!

vi. 13th month pay and other benefits up to P90,000

vii. Non-taxable fringe benefits
a. Fringe benefits authorized and exempt from tax under special law

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b. Contributions of the employer for the benefit of the employee to retirement, insurance,
and hospitalization benefit plans
c. Benefits are given to rank-and-file employees, whether granted under collective
bargaining agreement or not
d. Fringe benefits granted to an employee that is required by the nature of, or necessary to
the trade, business, or profession of the employer
e. Fringe benefits are given to the employee for the convenience or advantage of the
employer
f. De Minimis Benefits
- These are privileges of an employee which are relatively small value such as
• Entertainment
• Medical services
• Courtesy discounts on purchases granted or offered by an employer to
his/her employees (both managerial and rank and file) as a means of
promoting the health, goodwill, contentment, or efficiency of his/her
employees
- As per Revenue Regulations No. 11-2018 (RR 11-2018), the implementing rule of
TRAIN Law, shown on the table below, are the updated lists of de minimis benefits in
the Philippines.

De Minimis Benefits
a. Monetized unused vacation leave credits of employees not exceeding 10 days during
the year
b. Monetized value of vacation and sick leave credits paid to government officials and
employees
c. Medical cash allowance to dependents of employees not exceeding P1,500 per
employee per semester or P250 per month
d. Rice subsidy of P2,000 or one sack of 50kg rice per month amounting to not more
than P2,000
e. Uniforms and clothing allowance not exceeding P6,000 per annum
f. Actual medical assistance, e.g., medical allowance to cover medical and healthcare
needs, annual medical/executive check-up, maternity assistance, and routine
consultations, not exceeding P10,000 per annum
g. Laundry allowance not exceeding P300 per month
h. Employee achievement award, e.g., for a length of service or safety achievement,
which must be in the form of tangible personal property other than cash or gift
certificate, with annual monetary value not exceeding P10,000 received by the
employee under an established written plan which does not discriminate in favor of
highly paid employees

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i. Gifts given during Christmas and major anniversary celebrations not exceeding
P5,000 per employee per annum
j. Daily meal allowance for overtime work and night/graveyard shift not exceeding
25% of the basic minimum wage on a per-region basis.
k. Benefits received by an employee by virtue of a collective bargaining agreement (CBA) and
productivity incentive schemes provided that the total monetary value received from both
CBA and productivity incentive schemes combined do not exceed P10,000 per employee per
taxable year.
• As further provided under Regulations No. 15-2011 that has become effective starting the
year 2011, all other benefits given by employers which are not included in the above-
mentioned list of de minimis benefits shall not be considered as “de minimis benefits”,
hence, shall be subject to income tax on compensation income.
• The excess of the de minimis benefits over their respective ceilings prescribed above shall
be considered as part of other benefits of which any amount exceeding P90,000 is
TAXABLE

ILLUSTRATION
CASE 1:
Mr. Juan Dela Cruz, single, is a construction worker receiving a minimum wage of P537.00 a day in
the National Capital Region (NCR). During the month, he received P13,962 minimum wage, P1,000
hazard pay, P5,000 overtime pay and P2,000 night differential pay.

How much is the amount of non-taxable income and/or taxable income of Mr. Dela Cruz during the
month?
Answer:
All income received is non-taxable

CASE 2:
Ms. Juana Cruz, single, is a sales lady receiving a minimum wage of P537.00 a day in the National
Capital Region (NCR). During the month, she received P13,962 minimum wage, P5,000 overtime
pay, P2,000 transportation allowance, and 6,000 sales commission.

How much is the amount of non-taxable income and/or taxable income of Ms. Cruz during the
month?
Answer:
All income received is taxable

CASE 3:

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MODULE 6:CONCEPT OF INCOME-PART 2

Mr. Juancho Santos, married, an engineer, receives a basic salary of P65,000 per month. He received
the following during the year:
Basic Salary P 780,000
13th month pay 65,000
Productivity bonus 35,500
Clothing allowance 5,000

How much is the amount of non-taxable income and taxable income of Mr. Santos during the year?

Answer:
Gross
Taxable Non Taxable Compensation
Income
Basic Salary 780,000.00 780,000.00
De Minimis - 5,000.00 5,000.00
13th month and other benefits 10,500.00 90,000.00 100,500.00
TOTAL 790,500.00 95,000.00 885,500.00

13th month and other benefits

13th month 65,000.00
Productivity bonus 35,500.00
Total 100,500.00
Ceiling 90,000.00
Taxable portion of 13th month and other benefits 10,500.00

Since the clothing allowance, a type of a de minimis benefit, is within the ceiling, the amount received
is entirely non-taxable. As for the 13th month and other benefits, only the excess of P10,500 from the
ceiling of P90,000 shall be taxable. Nonetheless, whether taxable or non-taxable income, all of the
amount received will still be included in the determination of gross income since these income earned
are inclusions to gross income.
End of Module 6

Links to Supplemental Readings

1. http://www.chanrobles.com/legal6nircmain.htm#.WW14qRUrLIU
2. https://www.bir.gov.ph/index.php/tax-code.html#title1
3. https://www.bir.gov.ph/index.php/tax-code.html#title2

Links to Other Video Lectures

1. https://www.youtube.com/watch?v=KGlt4rP-Gvs
2. https://www.youtube.com/watch?v=fACOZo7hTaQ

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MODULE 6:CONCEPT OF INCOME-PART 2

References
National Internal Revenue Code of 1997 . (n.d.). Retrieved from
https://www.bir.gov.ph/index.php/tax-code.html.
Aduana, N. L. (2018). Simplified and procedural handbook on income taxation. Quezon City:
C & E Publishing Inc.
Garcia, E. R., & Tabag, E. D. (2018). Income Taxation. Quezon City: Good Dreams Publishing .
Valencia, E. G. (2016). Income Taxation (7th Edition ed.). Baguio City: Valencia Educational
Supply .

Course Module