Income Taxation for Accountancy Students

The first four establish the ground: the general principles of taxation, the nature and characteristics of the income tax, the classification of taxpayers, and the rules on source and situs — where income is taxed, which is rarely the same question as where the payer happens to sit.

Chapters five through seven build the tax base. Gross income under Section 32(A), the exclusions under Section 32(B), and the taxation of compensation and employee benefits, including fringe benefits, de minimis benefits, and the treatment of separation and retirement pay.

Chapters eight through twelve turn to the taxpayer and the deductions. The graduated rates for individuals, the self-employed and professionals, the eight percent option and when it is actually worth taking, the itemized deductions under Section 34, and the optional standard deduction alongside the items that may not be deducted at all.

The last three chapters bring it together and file it: the computation of taxable income and tax due, the filing and payment requirements, and withholding at source on compensation.

The law is stated as amended by TRAIN, CREATE, EOPT, CREATE MORE and CMEPA — not as it stood in an older textbook. Every chapter opens with a business scenario, works its computations step by step, names the errors students actually make, and closes with problems and licensure-style questions with answers.