deduction - definition in the Business English Dictionary - Cambridge Dictionaries Online

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English definition of “deduction”

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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 from the Cambridge Business English Dictionary © Cambridge University Press)
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