Professional Income

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1. For an eligible individual electing OSD instead of itemized deductions, what maximum does Section 34(L) prescribe? Multiple Choice Easy
2. An eligible individual professional validly elects a full 40% OSD on P1 million qualifying gross receipts, with no othe… Multiple Choice Medium
3. A partner receives a share of a GPP’s already-computed distributive net income and seeks the 8% gross-receipts option o… Multiple Choice Medium
4. An independent architect voluntarily remains VAT-registered despite modest fees. She claims the 8% option solely becaus… Multiple Choice Hard
5. A GPP computes net income after deducting its operating expenses. A partner then subtracts those same partnership expen… Multiple Choice Hard
6. Explain the income-tax treatment of a qualifying GPP and its partners without confusing exemption at entity level with … Essay Hard
7. A professional validly elects individual OSD and then also deducts office rent and utilities. Explain why OSD cannot be… Essay Hard
8. A GPP partner claims both the 8% option and another expense deduction from the partnership’s already-net distributive s… Essay Hard