taxable income
Noun
Meaning
taxable income (plural taxable incomes)
The base upon which an income tax system imposes tax.
Synonyms
Examples
Among other requirements, a Regulated Investment Company (NYSEMKT:) is required to pay out 90% of its investment company taxable income so it will not be taxed as a corporation.
A similar issue arises in deciding if interest paid on loans should be deductible from the taxable income since that interest is in-turn taxed as income to the loan provider.
In accordance with the PRC tax law applicable to those companies in their respective jurisdictions, tax losses may be carried forward against future taxable income.
If the taxable income of an NRI/OCI is expected to be under the tax exemption limit, he/she can apply to the Tax Department for a no-TDS certificate, which they can then furnish to the income payer.
In the case of designated Roth contributions, the contributions being made on an after-tax basis means that the taxable income in the year of contribution is not decreased as it is with pre-tax contributions.
In the government’s first budget (presented to the Chilean congress in November 1970), the minimum taxable income level was raised, removing from the tax pool 35% of those who had paid taxes on earnings in the previous year.