Who are entitled to reduce their taxable gross sales; receipts and other non-operating income by the amount of P250,000.00 for purposes of computing the income tax due under the 8% income tax rate?

Only individual income purely from self-employment and practice of profession are entitled to the amount allowed as reduction or P 250,000.00 under Sec, 24(A)2(b) of the Tax Code, as amended, for the purpose of computing the 8% income tax. Thus, mixed income earners (earning both from compensation and business/practice of profession) shall no longer be entitled to the P250,000.00 reduction on their income from business/practice of profession since said amount has already been applied in computing the income tax on compensation.