All are true except: a. OSD is a substitute for itemized deduction. b. The OSD relieves the taxpayer of the responsibility to deduct withholding taxes. c. Taxpayers who choose OSD are not required to submit their financial statements with their ITR. d. The option to claim OSD must be signified in the income tax return, otherwise, itemized deduction is presumed

All are true except: a. OSD is a substitute for itemized deduction. b. The OSD relieves the taxpayer of the responsibility to deduct withholding taxes. c. Taxpayers who choose OSD are not required to submit their financial statements with their ITR. d. The option to claim OSD must be signified in the income tax return, otherwise, itemized deduction is presumed

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter8: Taxation Of Individuals

Section: Chapter Questions

Problem 7DQ

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Question

All are true except:

a. OSD is a substitute for itemized deduction.

b. The OSD relieves the taxpayer of the responsibility to deduct withholding taxes.

c. Taxpayers who choose OSD are not required to submit their financial statements with their ITR.

d. The option to claim OSD must be signified in the income tax return, otherwise, itemized deduction is presumed

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