What are some of the exclusions from gross income?

A

What are some of the exclusions from gross income?

• Life insurance
• Amount received by insured as return of premium
• Gifts, bequests and devises
• Compensation for injuries or sickness
• Income exempt under treaty
• Retirement benefits, pensions, gratuities, etc.
• Miscellaneous items
  • Income derived by foreign government
  • Income derived by the government or its political subdivision
  • Prizes and awards in sport competition
  • Prizes and awards which met the conditions set in the Tax Code
  • 13th month pay and other benefits not exceeding P90,000
  • GSIS, SSS, Medicare and other contributions
  • Gains from the sale of bonds, debentures or other certificate of indebtedness with a maturity of more than five (5) years
  • Gains from redemption of shares in mutual fund

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