income deduction - meaning and definition. What is income deduction
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  3. income deduction

What (who) is income deduction - definition

AMOUNT THAT ONE MAY DEDUCE FROM TAXABLE REVENUE
Tax deductible; Deductible expense; Tax-deductible; Tuition and fees deduction; Tax deductions; Deductibility; Tax-deducable; Income tax deduction; Tax-deduction; Tax deductibility; Tax benefits; Charitable deduction

Income tax         
  • General government]] revenue, in % of GDP, from personal income taxes. For this data, the [[variance]] of GDP per capita with purchasing power parity (PPP) is explained in 27 % by tax revenue
  • Citizenship-based}}
  • Payroll]] and income tax by OECD Country in 2013
  • upright
  • marginal statutory corporate income tax rate, marginal statutory personal income tax rate in OECD
  • Top marginal tax rate of the income tax (i.e. the maximum rate of taxation applied to the highest part of income)
TAX IMPOSED ON INDIVIDUALS OR ENTITIES (TAXPAYERS) THAT VARIES WITH RESPECTIVE INCOME OR PROFITS (TAXABLE INCOME)
Income Tax; Income taxes; Personal income tax; Personal Income Tax; Personal income taxes; IRPEF; Income taxation; Income Taxes; Individual income tax; Criticisms of income taxation; Personal profit tax; Personal tax; History of income taxes
An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income.
https://en.wikipedia.org/wiki/Income_tax
income tax         
  • General government]] revenue, in % of GDP, from personal income taxes. For this data, the [[variance]] of GDP per capita with purchasing power parity (PPP) is explained in 27 % by tax revenue
  • Citizenship-based}}
  • Payroll]] and income tax by OECD Country in 2013
  • upright
  • marginal statutory corporate income tax rate, marginal statutory personal income tax rate in OECD
  • Top marginal tax rate of the income tax (i.e. the maximum rate of taxation applied to the highest part of income)
TAX IMPOSED ON INDIVIDUALS OR ENTITIES (TAXPAYERS) THAT VARIES WITH RESPECTIVE INCOME OR PROFITS (TAXABLE INCOME)
Income Tax; Income taxes; Personal income tax; Personal Income Tax; Personal income taxes; IRPEF; Income taxation; Income Taxes; Individual income tax; Criticisms of income taxation; Personal profit tax; Personal tax; History of income taxes
¦ noun tax levied directly on personal income.
income tax         
  • General government]] revenue, in % of GDP, from personal income taxes. For this data, the [[variance]] of GDP per capita with purchasing power parity (PPP) is explained in 27 % by tax revenue
  • Citizenship-based}}
  • Payroll]] and income tax by OECD Country in 2013
  • upright
  • marginal statutory corporate income tax rate, marginal statutory personal income tax rate in OECD
  • Top marginal tax rate of the income tax (i.e. the maximum rate of taxation applied to the highest part of income)
TAX IMPOSED ON INDIVIDUALS OR ENTITIES (TAXPAYERS) THAT VARIES WITH RESPECTIVE INCOME OR PROFITS (TAXABLE INCOME)
Income Tax; Income taxes; Personal income tax; Personal Income Tax; Personal income taxes; IRPEF; Income taxation; Income Taxes; Individual income tax; Criticisms of income taxation; Personal profit tax; Personal tax; History of income taxes
n. a tax on an individual's net income, after deductions for various expenses and payments such as charitable gifts, calculated on a formula which takes into consideration whether it is paid jointly by a married couple, the number of dependents of the taxpayers, special breaks for ages over 65, disabilities and other factors. Federal income taxes have been collected since 1913 when they were authorized by the 16th Amendment to the Constitution. Most states also assess income taxes, but at a substantially lower rate than that of the federal government. See also: income tax

Wikipedia

Tax deduction

Tax deduction is a reduction of income that is able to be taxed and is commonly a result of expenses, particularly those incurred to produce additional income. Tax deductions are a form of tax incentives, along with exemptions and tax credits. The difference between deductions, exemptions, and credits is that deductions and exemptions both reduce taxable income, while credits reduce tax.

https://en.wikipedia.org/wiki/Tax deduction
Examples of use of income deduction
1. New Delhi, May 14: Cricket stars Sachin Tendulkar and Sunil Gavaskar have come under the scanner of the Comptroller and Auditor General who has found that they have been given wrong benefit of income deduction as sportsmen which has resulted in a short levy of over Rs 4.42 crore in tax.
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