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Related to Exemption: Tax exemption


n. 1) in income taxation, a credit given for each dependent, blindness or other disability, and age over 65, which result in a downward calculation in tax levels. These are not to be confused with deductions which reduce gross income upon which taxes are paid. 2) a right to be excluded from, such as not being subject to attachment of one's wages if one is in a low-income bracket, or not being subject to the military draft if one is employed in essential industry, has several children or is a college student.

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.

EXEMPTION. A privilege which dispenses with the general rule; for example, in Pennsylvania, and perhaps in all the other states, clergymen are exempt from serving on juries. Exemptions are generally allowed, not for the benefit of the individual, but for some public advantage.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
The senior exemption reduces the assessed value of a home by $8,000.
One SRO1125-based sales tax exemption, extended to five export sectors leather, textile, carpets, surgical and sports goods surged to Rs86.7bn, from Rs61.3bn in 2017-18, an increase of 41.4pc.
As the United States carries out international acquisition efforts, it is imperative that we seek VAT exemption from foreign countries in order to save or avoid unnecessary costs.
The homestead must be owned by a "natural person." (6) The portion of a homestead protected by this exemption will vary depending upon the location of the property.
Adeyemi Adenike, in Abuja, the NYSC said checking by its records, the Minister applied for an exemption certificate.
In fact, the introduction of tax exemptions means resignation from a part of tax revenue.
The law, after being passed from the provincial assembly will end the tax exemption extended to Pata and Fata by the government of Pakistan as their status will get changed with the law.
Other instances included 20-year tax exemption for the Khalifa coastal refinery, 10-year tax exemption for all industrial undertakings in the Larkana industrial estate, 10-year tax holiday for all industrial concerns in Gwadar, 10-year exemption for all industrial units in special economic zones, lifetime exemption for power companies, lifetime exemption for a coal mining project in Sindh supplying coal to a power project and five-year exemption for LNG terminal operators and owners.
While many states agree on this premise, they differ in their execution of the exemption.
According to media reports the plea has been filed seeking exemption for fifteen days.
They include exemption of customs duties on the import of plant machinery and equipment, if not manufactured locally, by the China State Construction Engineering Corporation Limited and the China Communication Construction Company for the construction of Sukkur-Multan section of Karachi-Peshawar Motorway and Karakoram Highway Phase-II (Thakot-Havelian section), respectively.