Question
Write short notes on any two of the following :
Answer :
Word Count : 281
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Skip in 10
1. Taxable Income:
Taxable income is the foundation of income tax calculations. It is the portion of an individual's or entity's income that is subject to taxation. To determine taxable income, one starts with gross income and makes adjustments for various deductions and exemptions allowed by tax laws. This includes deductions for business expenses, certain contributions, and exemptions for dependents. Understanding taxable income is crucial for taxpayers to compute their tax liability accurately.
2. Tax Deductions and Credits:
Tax deductions and credits are mechanisms that help taxpayers reduce
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