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 (B)</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 (A)</p> Signup and view all the answers

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