Floors (in Taxes)

Tax Glossary Definition

Floors (in Taxes)

Floors (in Taxes) In taxation, floors refer to minimum thresholds or base amounts that must be exceeded before a particular tax provision, deduction, or credit can apply. They set a lower limit, ensuring that only taxpayers whose expenses or income exceed the floor are eligible for the benefit. Floors are commonly used in deductions for medical expenses, casualty losses, or itemized deductions. Example: If medical expenses are deductible only above 5% of a taxpayer’s income, this 5% acts as the floor. Expenses below this threshold do not qualify for a deduction

India's Most Trusted
Pro Tax Filer

Discover why we're one of India's most trusted Pro Tax Filers, built on a foundation of accuracy and reliability.

  • We ensure maximum tax benefits.

  • Taxes? Handled by our CAs and experts.

  • Reliable, year-round tax support at no cost.

  • Satisfaction or your money back came twice.

Start Filing

Scan the QR code to Download the app

Mobile App Available on:

DOWNLOAD For IPHONE

TaxFilr App

DOWNLOAD For Android

TaxFilr App

Have Questions? Let’s Talk!

Chat With Us

Scan to chat

Scan QR Code

OR
Start Chat
Mobile Apps Available On
This feature is available on our mobile app. Get the app now to access this feature!

DOWNLOAD For IPHONE

TaxFilr App

DOWNLOAD For Android

TaxFilr App