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English definition of “deduction”

deduction

noun [C or U]     /dɪˈdʌkʃən/
the process of taking away an amount or a part of something from a total , or the amount that is taken: The interest you receive will be paid after deduction of tax . The tax and social security authorities normally insist upon deduction of payments and contributions at source . Household insurance policies tend to replace lost or stolen items on a "new for old " basis , while travel policies tend to make deductions for wear and tear .
TAX the process of taking away particular costs from the amount of money that you have earned before you pay tax on it, or the costs that are taken away: The married couple's allowance was in the form of a tax deduction.
→ See also income tax deduction, standard deduction
(Definition of deduction noun from the Cambridge Business English Dictionary © Cambridge University Press)
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