Regular Income Tax:

Exclusions from Gross Income

-

Are incomes which will not be subject to income tax. They are not included in
gross income subject to regular tax, capital gains tax or final tax.
A. LIFE INSURANCE
1. Proceeds of a life insurance policy. Life is regarded as capital item
with infinite value. Hence, the proceed of a life insurance is a return of
capital.
- If such amount are held by the insurer