an item is excluded from income taxation, it would follow that the same is likewise exempt from other internal revenue taxes.

Please answer it if is TRUE or FALSE.

Exclusion from gross income refers to income received or earned but is nottaxable as income because it is exempted by law or by treaty a.true b.false

1.Which is NOT true? a.Deductions partake the nature of an exemption b. Exemptions are strictly construed against the taxpayer c.Exemptions are liberally interpreted in favor of the taxpayer d. If tax law is vague, it benefits the tax

What is a deferred tax asset?

What is the consequence of underestimating provisional tax?

What Is A Deferred Tax Liability And What Is Its Purpose?

16. Which of the following is NOT correct? a.Tax credits may be refundable or non-refundable. b. Income from capital related transactions is an example of an exempt income for income tax purposes. c.Tax credits are tax previously paid, or an amount used to reduce tax liability if certain conditions are met. d.Tax Relief is income that is not subject to tax.

Why do deferred tax assets or deferred tax liabilities arise? Explain your answer with suitable example. The reason for the deferred tax assets and liabilities have been explained with suitable example. The concepts of temporary difference, taxable temporary difference, deductible temporary differences have been linked to DTA and DTL.

The tax law refers to gross income, yet the term gross income is not found on Form 1040. Explain.