A tax allowance is an exemption you can enjoy on income tax payments related to certain purchases or transactions. Such allowances help you save money on taxes and include Leave Travel Allowance, House Rent Allowance, Children Allowances and more. They allow you to deduct all or some money spent towards specific payments from your taxable …
Post Type Archives: Glossary
Tax Credit
Tax credit is a sum of money that you can directly subtract from the taxes that you owe. It is not the same as deductions and exceptions, as it directly reduces your tax bill rather than just lowering your taxable income. You can categorise tax credit into 2 types. One is refundable, where you get …