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All ▸ Bar 2024 ▸ COMMERCIAL AND TAXATION LAWS ▸ XIII. TAXATION LAW (R.A. No. 8424, as amended by R.A. No. 10963, R.A. No. 11534) ▸ G. Income Taxation ▸ 4. Gross Income ▸ d. Deductions from Gross Income - Sections 34 and 36 ▸ iii. Non-deductible Items

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Question

Deductions from Gross Income: Non-deductible Items

Mr. Juan Dela Cruz is a self-employed taxpayer engaged in the business of selling clothing items. He filed his income tax return for the taxable year 2021 and claimed several deductions from his gross income.

Identify which of the following items are considered non-deductible under Sections 34 and 36 of the Philippine Tax Code.

  1. Presidential campaign contributions made by Mr. Dela Cruz to a political candidate.
  2. Expenses for a lavish lifestyle, such as luxury vacations and personal entertainment.
  3. Interest on savings account deposits.
  4. Bad debts arising from business transactions.
  5. Income taxes paid by Mr. Dela Cruz to the Bureau of Internal Revenue.

Answer

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