Section 5
SEC. 5. Section thirty of Commonwealth Act Numbered Four hundred and sixty-six, as amended, is hereby further amended by adding thereto a new subsection which shall read as follows: "(j) Optional standard deduction.—In lieu of the deductions allowed under this section an individual, other than a nonresident alien, may elect a standard deduction. Such optional standard deduction shall be in the amount of one thousand pesos or in an amount equal to ten per centum of his gross income, whichever is the lesser. Unless the taxpayer signifies in his return his intention to elect the optional standard deduction he shall be considered as having availed himself of the deductions allowed in the preceding subsection. The Secretary of Finance shall prescribe the manner of the election. Such election when made in the return shall be irrevocable for the taxable year for which the return is made."