Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
additional standard deduction
The sum of the additional amounts that a taxpayer who turns 65 or becomes blind before the close of the taxable year is entitled to deduct.
additional standard deduction.
See DEDUCTION.
standard deduction
A specified dollar amount that a taxpayer can deduct from adjusted gross income, instead of itemizing deductions, to determine taxable income. 3. The portion of a succession to which an heir is entitled before a partition. 4. The act or process of reasoning from general propositions to a specific application or conclusion. Cf. INDUCTION (2). - deduct (for senses 1-3), ub. -deduce (for sense 4), ub.