Exclusions from Gross Income

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[@eunieviaamantoy9730]

Done watching Sir A! Income from municipal bond income, child support, life insurance death benefit money, and welfare are all excluded from the IRS's determination of your income tax. The general exclusion rule is that "income" that cannot be used to purchase food or shelter is not taxable.

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[@steffisu_]

I appreciate the useful dialogue. In this video lesson, the topic of whether or not to consider exclusions from gross income under Section 2(B) of the Philippine Tax Code was covered. There are seven exceptions, including life insurance, although only the interest is included if the proceeds are paid by the insurer subject to interest. Another exclusion is the return of the premium to the policyholder; gifts, bequests, and devises, but the income derived from them is included; compensation for injuries, damages, and sickness, but there are taxable damages that are included in gross income if damages represent recovery of lost income, compensation for unrealized earnings, and interest for non-taxable damages; retirement pay is also excluded, but there are requirements to meet, first it must be received after the policyholder has reached retirement age.

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[@jovelynvillaalonzo8718]

As what I've learned in the lecture, exclusions are income or revenues that are not counted in calculating a taxpayer's gross income, meaning they are not included in the calculation. Life insurance, property received as a gift but not generating income, such as property, compensation for illness or injury, retirement benefits, pensions, gratuities, etc., are the last group of items. Thank you, sir A!

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[@rirideeexxx4921]

Done watching Sir A. Thanks for fruitful discussion! In this video lecture where it discussed the Exclusions from Gross Income or not consider as per Section 2(B) of the Tax Code of the Philippines. There are 7 exclusions: life insurance is excluded but if the proceeds are hekd by the insurer subject to interest then only the interest is included. Another exclusion is the premium paid were returned to policy holder; Gifts, Bequest and Devises but the income derive from such are included; Compensation for Injuries, Damages and Sick however there are taxable damages that included in gross income if damages representing recovery of lost income, compensation for unrealized earning and interest for non taxable damages; Retirement Pay is also excluded but there are requisites to met, first it should be approved by the BIR, next is the retiring employee should worked for atleast 10 years and is not less than 50 years old, Last is he/she didnt yet avail the privelege; Separation Pay is excluded if it is involutarily fired or separate; Miscellaneous items are also excluded.

[@eufemiaceguera1746]

8:17 yung excess lang ng premium yung kasama sa gross income 9:05yung income lang galing sa gift ang included pero yung gifts hindi

[@roseanngomez2233]

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[@QueenieDelRosario-mt3ur]

This video lecture is about the Exclusions from Gross Income. It is refers to the flow of wealth to the taxpayers which are not considered as part of gross income for purposes of computing the taxpayers taxable income due to the following reason: 1.it is exempted by the fundamental law or by the statue 2. it is does not come within the definition of income. Reduction to gross income are items included but deducted from the gross income. There are 7 exclusion: life insurance, amount received by the insured as a return of premium, value of property acquired by gratuitous transfer, compensation for injury or sickness, income exempt under treaty, retirements benefits and miscellaneous items.

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[@dyryllsusano6998]

Done watching sir! life insurance, gifts bequest and devises or simply inheritance, compensation for injuries and damages, separation pay, retirement benefits pay, and miscellaneous items are excluded in the gross income. When we say excluded in the gross income, it is not basically being include in the gross income and therefore, not subject to tax.

[@jessaherrera762]

Exclusions are income or receipts which are excluded from gross income these are included in the determination of a taxpayer's gross income. The exclusion rule is generally if your income can not be used to acquire food or shelter it's not taxable. Exclusion includes life insurance death benefit proceeds, child support, welfare, and municipal bond income. Thank you!

[@lorainebernal4855]

Thank you for this precise lecture sir!

[@rosebelldomingo7522]

Done watching sir . Exclusions of gross income are income or reciepts which are included from gross income. These are not included in the determination of a taxpayers gross income, hence these income or reciepts are not subject to income tax.

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Done po sir salamat

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DONE WATCHING SIR!!! THANK YOU , LEARNED A LOT

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I’m loving these recorded lecture, Sir! It suits my way of learning. Thank you!

[@leaalmodal7862]

My takeaway from this video is that life insurance death benefit proceeds, child support, welfare, and municipal bond income are all excluded from the IRS's calculation of your income tax. In general, if your income cannot be used to obtain or provide food or shelter, it is not taxable.Municipal bond income is only deductible to a certain extent.

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done watching sir - James Villarubia (BSBA MGT 201M)

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Done po Sir.

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Done po- Curioso

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Thank you po sir. I'm also a student na nahihirapan intindihin ang book. Malaking tulong po ang mga video niyo po sa akin. Salamat po! More power po!

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Thank you Christian. Sana nakatulong :)

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Done po sir

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done po