Personal Exemption - Law Dictionary Search Results
Home Dictionary Name: personal exemptionpersonal exemption
personal exemption see exemption ...
personal exemption deduction
personal exemption deduction see deduction ...
Exempted establishment
Exempted establishment, means an establishment in respect of which an exemption has been granted under s. 17 from the operation of all or any of the provisions of any Scheme or the Insurance Scheme, as the case may be, whether such exemption has been granted to the establishment as such or to any person or class of persons employed therein. [Employees' Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), s. 2 (fff)]...
Exemption, permission
Exemption, permission, Foreign Exchange Regula-tion Act, uses diverse words like, 'authorise', 'exempt' and 'permission' in different parts. The word 'exempt' shows that a person is put beyond the application of law, while 'permission' shows that he is granted leave to act in a particular way. But the word 'permission' is a word of wide import. 'Permission' in this s. means only leave to do some act which but for the leave would be illegal. In this sense, exemption is just one way of giving leave, Dharrajamal Gobindram v. Sharmji Kalidas, AIR 1961 SC 1285 (1290). [Foreign Exchange Regulation Act, (7 of 1947), ss. 21, 5]...
exemption
exemption 1 : the act of exempting or state of being exempt 2 : one that exempts or is exempted: as a : an amount of income exempted from taxation that may be deducted from adjusted gross income under the tax laws see also Internal Revenue Code in the Important Laws section compare deduction, exclusion, tax credit de·pen·den·cy exemption [də-pen-dən-sē-] : an exemption that is allowed for each dependent who qualifies under the tax laws (as sections 151 and 152 of the Internal Revenue Code) NOTE: Under the federal income tax laws, the dependency exemption is allowed for each dependent whose gross income is less than the exemption or who is a child of the taxpayer and is under 19 or a student under 24. per·son·al exemption : an exemption that is allowed for the taxpayer or for the taxpayer and spouse if filing a joint return b : the right created by federal and state laws to exempt specified types of property from a bankruptcy estate [pre...
exemptions, exempt property
exemptions, exempt property Certain property owned by an individual debtor that the Bankruptcy Code or applicable state law permits the debtor to keep from unsecured creditors. For example, in some states the debtor may be able to exempt all or a portion of the equity in the debtor's primary residence (homestead exemption), or some or all "tools of the trade" used by the debtor to make a living (i.e., auto tools for an auto mechanic or dental tools for a dentist). The availability and amount of property the debtor may exempt depends on the state the debtor lives in. Source: Administrative Office of the U.S. Courts ...
deduction
deduction 1 : an amount allowed by tax laws to be subtracted from income in order to decrease the amount of income tax due see also Internal Revenue Code in the Important Laws section compare credit, exclusion, exemption busi·ness deduction : a deduction usually taken from gross income that is allowed for losses or expenses attributable to business activities or to activities engaged in for profit charitable deduction : a deduction allowed for a contribution to a charity usually that is qualified under the tax law (as sections 170 and 2055 of the Internal Revenue Code) de·pen·den·cy deduction : a deduction allowed to be taken in a set amount for a qualified dependent (as under sections 151 and 152 of the Internal Revenue Code) itemized deduction : a deduction for a specifically recorded item that is allowed to be taken from adjusted gross income if the total of such deductions exceeds the standard deduction marital deduction 1 : a deduction allowed under th...
exempt
exempt : free or released from some obligation or duty to which others are subject : not subject or liable [certain properties are declared to be and cannot be taken by a person's creditors "J. H. Williamson"] vt : to release or exclude from some liability (as in taxation), obligation, or duty to which others are subject [s the income of a spendthrift trust "W. M. McGovern, Jr. et al."] ...
Exemption
The act of exempting the state of being exempt freedom from any charge burden evil etc to which others are subject immunity privilege as exemption of certain articles from seizure exemption from military service exemption from anxiety suffering etc...
homestead exemption
homestead exemption : an exemption from liability that prevents creditors from obtaining satisfaction from a debtor's homestead see also declaration of homestead at declaration NOTE: The laws governing the homestead exemption vary greatly from state to state. Most states have limits on the amount for which a debtor is exempted, but a few have no limits at all. Others have limits that are dependent on the size or type of property, or the age of the property owner. ...
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