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What are your new concepts/ understanding/ insights you gained from…What are your new concepts/ understanding/ insights you gained from reading the picture attached below? (Introduction to Gross Income, Inclusions in Gross Income, and Exclusions in Gross Income) Image transcription textGross Income . In its broad sense, allincome from whatever source, derivedwithin or without the Phili… Show more… Show more Image transcription textINCLUSIONS in GROSS INCOME * Allincome derived from whatever source,including but not limited t… Show more… Show more Image transcription textCompensation for services in whateverform paid, including but not limited tofees, salaries, wages, co… Show more… Show more Image transcription textGross income derived from theconduct of trade or business, or theexercise of profession Gr… Show more… Show more Image transcription textGains derived from dealings inproperty Gross income derived fromdealings (sale/barter/exc… Show more… Show more Image transcription textInterest income INTEREST INCOMEAPPLICABLE TAX Arising fromindebtedness Basic Tax A… Show more… Show moreImage transcription textRent income Rent paid by the lesseesfor the use or lease of property istaxable income to the les… Show more… Show moreImage transcription textRoyalty income General: subject to finaltaxes . Royalties from PH Subject to Taxrules: . If from regular conduct … Show more… Show more Image transcription textAnnuity Income . Taxable Annuity: Excess of theamount returned as premium . Non taxable annuity:Annuity representing relum of premium … Show more… Show moreImage transcription textPrizes and winnings . Exempt/excludedfrom gross income al Philippine CharitySweepstakes and Lotto w… Show more… Show moreImage transcription textPartner’s distributive share from thenet income of the general professionalpartnership PARTNERSHI… Show more… Show moreImage transcription textExclusions defined: The term “exclusions”refers to items that are not included in the determinationof gross income either because: a) they rep… Show more… Show moreImage transcription textLife Insurance The proceeds of life insurance policiespaid to the heirs or beneficiaries upon the death ofthe insured, whether in a single sum or … Show more… Show moreImage transcription textGifts, bequests and devises ” The value of propertyacquired by gift, bequest, devise, or descent is exempt fromincome tax Income from such property, as well… Show more… Show moreImage transcription textRetirement benefits GR: Taxable EXCLUDEDFROM CROFF INCOME Retirement benefitsreceived under Republic Act No. 764… Show more… Show moreImage transcription textMiscellaneous items Income derived byForeign Governments . Income Derivedby the Government or its … Show more… Show moreImage transcription textTax exempt proceeds under RA 11494,Bayanihan to Recover as One Act, alsoknown as BAYANIHAN A… Show more… Show more LawSocial ScienceTax law BUSN 7021