Q: I am asking because I want to include my parents as dependents for tax exemption. Thanks! :)
A: Answer: Because of the implementation of RA 9504 (a tax relief for minimum wage earner's act), the only dependent allowed for additional exemption is your son or daughter (natural born, illegitimate or legally adapted son or daughter) for P25000 each not exceeding four. In addition, because of the standardization of basic exemption, all has now a basic exemption of P50000 whether you are single, head of the family or married individual. Therefore, it is not necessary to claim your parent as a dependent anymore.
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