Question

Taxation

Margarita Reyes is a self-employed licensed financial consultant who earned gross professional fees of ₱2,400,000 in taxable year 2024. She has no employees and incurred actual business expenses of ₱700,000, duly substantiated by official receipts. She is not VAT-registered. In filing her annual ITR for 2024, Margarita elected to use the Optional Standard Deduction (OSD). Her accountant claims that using OSD, her income tax due is ₱262,500. Is the accountant's computation correct? How should Margarita compute her income tax?

0/1500
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