Science, asked by shreyansbafna8503, 1 year ago

Difference between taxpayer and deductor

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Answered by moonbhushan123rockz1
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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 betweendeductions, exemptions and credit is that deductions and exemptions both reduce taxable income, while credits reduce tax.
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