In order for passive income to be subject to final tax under section 24 (B) of the NIRC, the income must be derived from sources within or without the Philippines. S2: An income that is exempted from income tax under the law, is not subject to withholding tax. S3: Dividend income earned by a resident citizen is always subject to 10% final tax. Which is True? Group of answer choices a. Only S1 is True b. Only S2 is True c. Only S3 is True c. Only S3 is True
In order for passive income to be subject to final tax under section 24 (B) of the NIRC, the income must be derived from sources within or without the Philippines. S2: An income that is exempted from income tax under the law, is not subject to withholding tax. S3: Dividend income earned by a resident citizen is always subject to 10% final tax. Which is True? Group of answer choices a. Only S1 is True b. Only S2 is True c. Only S3 is True c. Only S3 is True
Chapter2: Gross Income And Exclusions
Section: Chapter Questions
Problem 4MCQ
Related questions
Question
25.
S1: In order for passive income to be subject to final tax under section 24 (B) of the NIRC, the income must be derived from sources within or without the Philippines.
S2: An income that is exempted from income tax under the law, is not subject to withholding tax.
S3: Dividend income earned by a resident citizen is always subject to 10% final tax.
Which is True?
Group of answer choices
a. Only S1 is True
b. Only S2 is True
c. Only S3 is True
c. Only S3 is True
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you