exemption


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Related to exemption: Tax exemption

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.

exemption

noun allowance, discharge, exception, freedom, freedom from duty, freedom from liability, freedom from obligation, freedom from reeuirements, freedom from service, immunitas, immunity, liberation, liberty, license, permit, privilege, release, release from liability, release from obligation, special privilege, vacuitas
Associated concepts: exemption from jury service, exemppion from sale, exemption statute, homestead exemption, personal exemption, tax exemption
See also: clause, clemency, condition, condonation, discharge, dispensation, exception, exclusion, excuse, franchise, freedom, grace period, immunity, impunity, leave, liberation, license, permission, privilege, probation, qualification, release, remission, reprieve, reservation, respite, salvo

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.

References in periodicals archive ?
Committee member Senator Murtaza Wahab of the Pakistan Peoples Party (PPP) said that an exemption could only be given across the board.
In practice, this exemption is actually a deferral.
The court remarked another application regarding exemption is also lying with the court.
On top of that, income derived from port operations by the China Overseas Ports Holding Company Limited, the China Overseas Ports Holding Company Pakistan (Private) Limited, the Gwadar International Terminal Limited, the Gwadar Marine Services Limited and the Gwadar Free Zone Company Limited has been granted exemption from income tax for 23 years, with effect from Feb 6, 2007.
Another best practice is to insert a provision in the franchise agreement that requires the franchisee to acknowledge the basis for the federal and state exemption.
AUVSI analyzed the first 3,136 exemptions approved by the FAA.
In case of indirect tax also, we are almost losing ` 1 lakh crore because of various exemptions given for SEZ, EOU .
We're seeing upward of hundreds of new families who are having to go back and redefine their exemption status," Davis said.
Nevertheless, Congress allowed the states to override the federal bankruptcy exemptions to permit a debtor to take only those exemptions given under the state's exemption laws.
This exemption does not apply to outstanding checks, drafts, or other similar instruments.
FUW Pembrokeshire county executive officer Rebecca Voyle said: "New regulations introduced on April 6 2010 changed the system of waste exemptions and farm-based exemptions registered before April 6 2010 will expire on September 30 2013.
Higher-risk activities are now covered by environmental permits and advice may need to be taken, if the equivalent new exemption does not cover the specific waste type, quantity or specific activity.