Section 1
Section 1.
The first paragraph of item (1), paragraph (l) of Section 29 of the National Internal Revenue Code, as amended, is hereby further amended to read as follows:
"(l) Personal exemptions allowable to individuals. — (1) Basic personal exemption. — For the purpose of determining the tax provided in Section 21(a) of this Title, there shall be allowed a basic personal exemption as follows:
"For single individual or married individual judicially decreed as legally separated with no qualified dependents
P9,000
"For head of a family
P12,000
"For married individual
P18,000
Provided, that husband and wife electing to compute their income tax separately shall be entitled to a personal exemption of P9,000 each."
Section 2
Section 2.
The first paragraph of item (2)(A), paragraph (l) of Section 29 of the same Code, as amended, is hereby further amended to read as follows:
"(2) Additional exemption
"(A) Taxpayers with dependents. — A married individual or a head of family shall be allowed an additional exemption of Five thousand pesos (P5,000) for each dependent: provided, that the total number of dependents for which additional exemptions may be claimed shall not exceed four dependents: provided, further, that an additional exemption of One thousand pesos (P1,000) shall be allowed for each child who otherwise qualified as dependent prior to January 1, 1980: provided, finally, that the additional exemption for dependents shall be claimed by only one of the spouses in the case of married individuals electing to compute their income tax liabilities separately."
Section 3
This Act shall take effect upon its approval
Section 3.
This Act shall take effect upon its approval.
Approved:
December 19, 1991
.