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An item or expense subtracted from adjusted gross income to reduce the amount of income subject to tax. Tax authorities specify the items that can be deducted from gross income for the purpose of reducing taxable income, and the specific rules governing the deductibility of each of these items. Some examples of tax-deductible items include mortgage interest, state and local taxes, unreimbursed...
That income which is liable for tax and tax is deducted from that income which increase liability.
The income which liable to tax which is calculated on gross income of entity.
Tax Deductible means an income which is liable for Tax.
One has to pay tax for the income he gets.... its not tax free but tax deductible
It means that tax is applicable on wealth produced by company against the investment declared. SO, for example, a tax deductible salary means that the salary slip will display gross amount of earning and then the %age of income tax applicable and after subtraction of aforementioned numbers, an employee gets the net salary.
charity fund and other expenses which reduce your gross income are tax-deductible.
Tax deductible is an expense that can be deducted from the gross income, so that the amount of income that is taxable can be reduced. Examples for tax deductible are money donated for charity, mortgage interest etc..
The difference between Gross Income and Taxable Income is permissable income but allocated for specified expense that is not taken into account for taxation.
