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co oo Give a brief rationale (i. e., an explanation for) for the following provisions of the individual income tax laws: exem

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Answer #1

1. a. Reducing the amount of income which is subject to taxation. The reduction abides by the law and the reason behind it will be one which is in accordance with the law.

b. It includes the amount of income given as a gift to the educational institutions for achieving their purpose which includes teaching, research and other similar activities. This amount is deducted from the income and only rest of the income is taxable.

c. If the medical expenses fall under the category of qualified medical expenses for tax deduction and if it exceeds 7.5% of the adjusted total income, then that much amount is eligible for tax deduction.

d. The owners of the property are liable to pay taxes to the state government and the local government in accordance with the value of the property. The owner can claim the money paid as taxes to be deducted from the income tax. The deduction cannot be availed on taxes paid on rental property.

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