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Taxes

Provisional assessment

In finance, an assessment of tax is conducted before a final assessment can be made. This initial assessment is typically based on an estimated figure or the previous year's figures. It is an important step in the tax process, providing a preliminary understanding of the taxes owed. This allows for planning and preparation before the final assessment is made. As a knowledgeable professor, I urge you to always stay informed and updated on these financial terms to make informed decisions.

Deductions

In the realm of income tax, the term "deduction" refers to an item that is subtracted from taxable income, resulting in a reduction of said income. Essentially, deductions a...

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Loophole

Tax law offers various opportunities for taxpayers to reduce their tax liabilities. One such opportunity is tax deductions, which allow taxpayers to deduct certain expenses ...

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Hardship clause

Tax authorities have the discretionary power to mitigate any harsh outcomes of the tax law. This means that they have the ability to make exceptions or adjustments in certai...

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Lump-sum deductions

Tax deductions, commonly applied to one's income, are used to calculate taxable income. However, they may not always accurately represent the true financial situation. It's ...

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