Medi Assist Healthcare IPO

Home Taxes

Finance Wiki

Trending Categories

All Financial Terms Financial Instruments Market Entities Corporate Actions Public Offerings Fixed Income Instruments Currency Commodity Mutual Funds Derivatives Trading Terms Taxes

More

Derivatives Trading Terms Taxes Property Fixed Income Credit Cards Options and Futures Stocks Insurance IPO Technicals Retirement Planning Loans Gold Bank Deposits

A

B

C

D

E

F

G

H

I

J

K

L

M

N

O

P

Q

R

S

T

U

V

W

X

Y

Z

#

Taxes

Personal allowances

This can reduce the taxable income and thus, the amount of tax owed.

As we delve into the realm of personal finance, it is crucial to understand the concept of personal allowances. These allowances serve as deductions from an individual's income when calculating their taxable income. Typically, one can claim allowances for themselves, their spouse, children, and other dependents. By reducing the taxable income, these allowances can ultimately lower the amount of tax that an individual owes.

Business purpose test

Tax avoidance schemes can be rendered ineffective through the use of a powerful tool known as the "business purpose" test. This test is used to identify artificial schemes t...

More

Lottery tax

In the realm of finance, it is important to understand the concept of tax on the sale of lots or the receipt of prizes after the drawing of lots. This refers to the tax that...

More

Tax holiday

A common fiscal policy measure utilized in developing nations is the tax holiday. This strategy offers a temporary period of relief from income tax for newly established ind...

More

Vertical equity

The concept of tax equity posits that individuals with varying financial situations should be subject to different tax rates. In other words, those with higher income and ca...

More