Income Tax Exclusions Quiz
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Questions and Answers

Which of the following is an exclusion from income tax?

  • Interest payments under agreement
  • Taxable return on capital
  • Compensation for injuries and sickness (correct)
  • Income exempt under treaty

    • What is not included in the Regular Income Tax (RIT)?

  • Employer contributions to PERA (correct)
  • Property insurance
  • Life insurance gifts
  • Prizes and awards

    • Which of the following is considered an exclusion from Gross Income (GI)?

  • Gifts, bequests, devises (correct)
  • Return of premium
  • Taxable return on capital
  • Property insurance

    • What does the return of premium refer to?

    <p>Return of capital</p> Signup and view all the answers

    Which of the following is an example of income exempt under treaty?

    <p>Income in the Philippines of foreign government</p> Signup and view all the answers

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