Home
1. Individuals with gross income from employeeemployer relationship only (gross income only):
o Premium payments on health and/or hospital insurance (if requisites are complied with)
o Personal exemptions and additional exemptions
2. Individuals with gross income from business or practice of profession:
o Optional Standard Deduction (OSD) OR Itemized deductions
o Optional Standard Deductions – 10% of the gross income. May be availed only by individuals (except nonresident aliens) who are not purely compensation income earners. This is in lieu of the itemized deductions.
o Premium payments on health and/or hospital insurance (if requisites are complied with)
o Personal and additional exemptions
3. Corporations
o Itemized Deductions
4. Estates and Trusts
Section 62 of the NIRC
o Premium payments on health and/or hospital insurance (if requisites are complied with)
o Personal exemptions and additional exemptions
2. Individuals with gross income from business or practice of profession:
o Optional Standard Deduction (OSD) OR Itemized deductions
o Optional Standard Deductions – 10% of the gross income. May be availed only by individuals (except nonresident aliens) who are not purely compensation income earners. This is in lieu of the itemized deductions.
o Premium payments on health and/or hospital insurance (if requisites are complied with)
o Personal and additional exemptions
3. Corporations
o Itemized Deductions
4. Estates and Trusts
Section 62 of the NIRC
