A single proprietorship has a gross receipts of P500,000 from ordinary transactions, capital gains of P120,000 from sale of car and interest income of P4,000, net of final tax of 20%. The optional standard deduction is: Group of answer choices P150,000 P200,000 P 248,000 P 250,00

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The optional standard deduction for a single proprietorship in the Philippines is 40 of gro... View the full answer