Question: The optional standard deduction Question 15Answer May be availed when the taxpayer opted to be taxed under the 8% preferential income tax Is equivalent to

The optional standard deduction Question 15Answer May be availed when the taxpayer opted to be taxed under the 8% preferential income tax Is equivalent to 40% of the gross sales or receipts from self-employment, business or practice of profession Can be availed at the option of any individual taxpayer Cannot be used as a deduction from compensation income

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