![]() Generally refers to the difference between income and expenses/deductions. If you are not engaged in the trading of goods and commodities and no such figure exists in the accounts, insert "0" in the Box. Generally refers to the difference between turnover and cost of sales. Items that arise incidentally or are exceptional in nature should be excluded (for example, profits from the sale of capital assets). ![]() This means all income arising from your principal business activities. ![]() This means ALL TYPES OF INCOME and should include sale of capital assets and any other non-taxable income, whether or not derived from the principal business activity. Separate accounts and computations should be submitted for each business if its gross income exceeded $2,000,000. Supply details of the first and second sole-proprietorship businesses in the space provided in BIR60 and provide those particulars of the other businesses in the same format on a separate sheet. If you own more than 1 sole-proprietorship business Put a 'tick' in the 'Yes' Box in the second line of Part 5 of BIR60 to indicate that you have a sole-proprietorship business, and complete the remaining items in that Part. How to Complete the Boxes in Part 5 of BIR60 Where a business is 100% owned by you, you should make tax reporting for that business on Part 5 of your Tax Return - Individuals (BIR60). Sole Proprietorship - How to complete Part 5 of BIR60 1.
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