Bill Type
Congress Name
Long Title
AN ACT AMENDING FOR THE PURPOSE SECTION 35 OF THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED(RE: BASIC PERSONAL EXEMPTION)
Date filed
September 28, 2001
Scope
Urgent Bill
No
Legislative History
| House Bill/Resolution NO. House Bill No. 3278, 12th Congress of the Republic |
| FULL TITLE : AN ACT AMENDING FOR THE PURPOSE SECTION 35 OF THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED(RE: BASIC PERSONAL EXEMPTION) |
| ABSTRACT : A BASIC PERSONAL EXEMPTION is proposed as follows: For single individual or married individual judicially decreed as legally separated with no qualified dependents - [P20,000] P50,000; For head of family - [P25,000] P60,000; For each married individual - [P32,000] P70,000. > There shall be allowed an additional exemption of [Eight Thousand oesis (P8,000)] TWENTY THOUSAND PESOS (P20,000) for each dependent not exceeding four (4). > All persons whose incomes are not taxable shall be exempted from filing income tax returns. |
| PRINCIPAL AUTHOR/S : VICENCIO, ROMUALDO T. |
| DATE FILED : 2001-09-28 |
| SIGNIFICANCE: NATIONAL |
| CO-AUTHORS (Journal Entries) : |
| 1. Syjuco (052 ) |
| ADMINISTRATION BILL? No |
| URGENT BILL? No |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 2001-10-03 |
Abstract
A BASIC PERSONAL EXEMPTION is proposed as follows: For single individual or married individual judicially decreed as legally separated with no qualified dependents - [P20,000] P50,000; For head of family - [P25,000] P60,000; For each married individual - [P32,000] P70,000. > There shall be allowed an additional exemption of [Eight Thousand oesis (P8,000)] TWENTY THOUSAND PESOS (P20,000) for each dependent not exceeding four (4). > All persons whose incomes are not taxable shall be exempted from filing income tax returns.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.