Practice question
An eligible taxpayer makes no OSD election and claims that the statutory default guarantees allowance of all actual expenses. Explain the default and why it does not replace the requirements of itemized deductions.
Legal references
- RA10963 TRAIN: https://lawphil.net/statutes/repacts/ra2017/ra_10963_2017.html Section11 OSD default.
- NIRC RA8424, relevant provisions as amended: https://lawphil.net/statutes/repacts/ra1997/ra_8424_1997.html Section34 applicable itemized-deduction provisions.
- RA11976 Ease of Paying Taxes Act: https://lawphil.net/statutes/repacts/ra2024/ra_11976_2024.html Section5, current OSD renumbering.
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