Deductions

Tax Glossary Definition

Deductions

Deductions refer to certain expenditures or allowances recognized under tax regulations that can be subtracted from an individual’s or entity’s total income to calculate the taxable amount. These permitted reductions help lower the overall tax burden by considering qualifying payments or contributions made during the financial year.

Example: Examples of allowable deductions include amounts spent on life insurance premiums, specific medical treatments, tuition fees, or contributions made to registered charitable institutions.

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