define: deduction
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deductionnoun deduction noun (THINKING) C2 [ C or U ] the process of reaching a decision or answer by thinking about the known facts, or the decision that is reached: Through a process of deduction, the detectives discovered the identity of the killer. All we can do is make deductions from the available facts.
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Tax Deducted at Source Tax Deducted at Source (TDS) is a means of collecting income tax in India, under the Indian Income Tax Act of 1961. Any payment covered under these provisions shall be paid after deducting prescribed percentage.
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deduction the act or process of deducting; subtraction. 2. something that is or may be deducted: She took deductions for a home office and other business expenses from her taxes. 3. the act or process of deducing. 4. something that is deduced:
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A Brief Overview of Depreciation Depreciation is an income tax deduction that allows a taxpayer to recover the cost or other basis of certain property.
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- Itemized deductions are subtractions from a taxpayer’s Adjusted Gross. Income (AGI) that reduce the amount of income that is taxed. Most taxpay-. ers have a choice of taking a standard deduction or itemizing deductions. Taxpayers should use the type of deduction that results in the lowest tax.
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- Definition of TRANSDUCTION. : the action or process of transducing; especially: the transfer of genetic material from one microorganism to another by a viral agent (as a bacteriophage). — trans·duc·tant \-tənt\ noun. — trans·duc·tion·al \-shnəl, -shə-nəl\ adjective. ADVERTISEMENT.
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deduct To take away a desirable part: Poor plumbing deducts from the value of the house. deduct. (Mathematics) (tr) to take away or subtract (a number, quantity, part, etc): income tax is deducted from one's wages.
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What Are Standard Tax Deductions? What Are Standard Tax Deductions? The standard tax deduction is a flat amount that the tax system lets you deduct, no questions asked. Tax deductions allow individuals and companies to subtract certain expenses from their taxable income, which reduces their overall tax bill.
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deduction Use 'deduction' in a Sentence. Mitzi was relieved to hear all employees at Flotsam & Jetsam would be receiving health coverage, but miffed when told it would result in yet another deduction from her weekly take home pay.
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- verb (used with object) 1. to take away, as from a sum or amount: Once you deduct your expenses, there is nothing left. verb (used without object) 2. detract; abate (usually followed by from): The rocky soil deducts from the value of his property.
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deductible capable of being deducted. 2. allowable as a tax deduction: Charitable contributions are deductible expenses. noun. 3. the amount for which the insured is liable on each loss, injury, etc., before an insurance company will make payment: The deductible on our medical coverage has been raised from $50 to $100 per illness. Origin of deductible.
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deduction To deduct is simply to subtract. A tax deduction is a subtraction from your taxable income allowed by the government for certain expenses, which will result in your paying lower taxes. Your insurance deductible is the amount of a medical bill that the insurance company makes you subtract before it starts to pay--in other words, the amount that will come out of your own pocket. But deduction also means reasoning, and
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data deduplication data deduplication. Related Terms. Data deduplication is a technique for reducing the amount of storage space an organization needs to save its data. In most organizations, the storage systems contain duplicate copies of many pieces of data.
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DEFINITION of 'Charitable Contributions Deduction' DEFINITION of 'Charitable Contributions Deduction' One of the itemized deductions available for taxpayers who donate to charity. The Charitable Contributions Deduction allows taxpayers to deduct all of their contributions to qualifying charitable contributions of cash and property within certain limitations. One of the itemized deductions available for taxpayers who donate to charity.  Topics What's New
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deductible deductible - (taxes) an amount that can be deducted (especially for the purposes of calculating income tax) 2. deductible - a clause in an insurance policy that relieves the insurer of responsibility to pay the initial loss up to a stated amount. Adj.
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debaseverb  [ T] uk â / dÉªËbeÉªs / us â/ dÉªËbeÉªs / debase meaning, definition, what is debase: to reduce the quality or value of something: . Learn more.
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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. The difference between deductions, exemptions and credit is that deductions and exemptions both reduce taxable income, while credits reduce tax.
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Indiaâs Most Comprehensive Guide On TDS Tax Deducted at Source (TDS) is a system introduced by Income Tax Department, where person responsible for making specified payments such as salary, commission, professional fees, interest, rent, etc. is liable to deduct a certain percentage of tax before making payment in full to the receiver of the payment.
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Definitions &Translations The standard deduction, as defined under United States tax law, is a dollar amount that non-itemizers may subtract from their income and is based upon filing status.s one may not take both itemized deductions and a standard deduction, taxpayers generally choose the deduction that results in the lesser amount of tax owed.
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What Are Tax Deductions? Tax deductions are one of the few tax topics that generate some excitement. While nobody likes to pay taxes, everybody loves to use deductions to lower their taxes. To put it plainly, a tax deduction lowers your taxable income, which therefore lowers your tax liability. Some people mistakenly think a tax deduction is a direct reduction of taxes owed. That is actually a tax credit, which does directly reduce the amount of taxes owed instead of simply reducing your taxable income.
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Difference Between Exemption and Deduction An itemized deduction allows the taxpayer to select expenses from a set list, where items can be added on for deduction depending on what they qualify for. Deductions are also divided into ‘above the line’ and ‘below the line’.
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- What is a 'Deductible'. A deductible is the amount of money an individual pays for expenses before his insurance plan starts to pay. The word deductible can also work as an adjective to describe the tax-deductible expenses that can deducted from someone's adjusted gross income to reduce his taxable income and his tax liability. Next Up.
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Deductive reasoning Deductive reasoning, also deductive logic, logical deduction is the process of reasoning from one or more statements (premises) to reach a logically certain conclusion. Deductive reasoning goes in the same direction as that of the conditionals, and links premises with conclusions.
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- deduplication : [dee-doop-lih-kay-shun] noun. Deduplication is a space-saving computer storage technology that allows a given quantity of data to be saved on less disk space. Deduplication works by identifying multiple instances of repeated information, then eliminating redundancies, replacing duplicate information with a reference to the same information located elsewhere.
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What is 'Depreciation' What is 'Depreciation'. Depreciation is an accounting method of allocating the cost of a tangible asset over its useful life. Businesses depreciate long-term assets for both tax and accounting purposes. For tax purposes, businesses can deduct the cost of the tangible assets they purchase as business expenses; however, businesses must depreciate these assets in accordance with IRS rules about how and when the deduction may be taken.
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Depletion Line 12 Schedule C Depletion is the using up of natural resources by mining, drilling, quarrying stone, or cutting timber. The depletion deduction allows an owner or operator to account for the reduction of a product's reserves. There are two ways of figuring depletion: cost depletion and percentage depletion.