Income Tax
/ˈɪnkʌm tæks/
Definitions
- (n.) A tax imposed on individuals or entities based on their income or profits earned during a specific period.
The corporation was required to file its income tax returns by the deadline.
- (n.) The statutory scheme governing the assessment, collection, and enforcement of taxes on income.
The country's income tax laws include provisions for deductions and credits.
Related terms
See also
Commentary
Income tax often involves complex rules about what constitutes taxable income and allowable deductions, making precise statutory definitions and regulations crucial for compliance.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.