Income Taxation

1. Taxable

1.1. Inclusions from Gross Income

1.1.1. Compensation Income

1.1.1.1. Salaries, Wages, and Fees

1.1.1.2. Commission

1.1.1.3. Honoraria

1.1.1.4. Allowances

1.1.1.5. 13th Month Pay

1.1.1.6. Holiday, Overtime, Night Shift, Differential, and Hazard/Emergency Pay

1.1.1.7. Separation Pay

1.1.1.8. Retirement Pay

1.1.1.9. Sick Leave pay/Vacation leave Pay

1.1.1.10. Fringe Benefit

1.1.2. Business Income

1.1.3. Gains derived from dealings in property

1.1.4. Passive Income

1.1.5. Other Taxable Income

2. Non-Taxable

2.1. Exclusions from Gross Income

2.1.1. Life Insurance

2.1.2. Return of Premium

2.1.3. Gifts, Bequest, Devises

2.1.4. Compensation for Injuries

2.1.5. Retirement Benefits

2.1.6. Miscellaneous Items