Define: Deduction

UK Accounting Glossary

Definition: Deduction


Quick Summary of Deduction


1. Accounting: Business expenses or losses which are legally permitted to be subtracted from the gross revenue of a firm in computing its taxable income. 2. Logic: See deductive reasoning. 3. Taxation: Fixed amount or percentage permitted by taxation authorities that a taxpayer can subtract from his or her adjusted gross income to arrive at




What is the dictionary definition of Deduction?

Dictionary Definition


1. That which is deducted; that which is subtracted or removed
2. A sum that can be removed from tax calculations; something that is written off
3. logic A process of reasoning that moves from the general to the specific, in which a conclusion follows necessarily from the premises presented so that the conclusion cannot be false if the premises are true.


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Full Definition of Deduction


1. Accounting: Business expenses or losses which are legally permitted to be subtracted from the gross revenue of a firm in computing its taxable income.
2. Logic: See deductive reasoning.
3. Taxation: Fixed amount or percentage permitted by taxation authorities that a taxpayer can subtract from his or her adjusted gross income to arrive at the taxable income.


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Deduction FAQ's



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https://payrollheaven.com/define/deduction/
Modern Language Association (MLA):
Deduction. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. November 22, 2019 https://payrollheaven.com/define/deduction/.
Chicago Manual of Style (CMS):
Deduction. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/deduction/ (accessed: November 22, 2019).
American Psychological Association (APA):
Deduction. PayrollHeaven.com. Retrieved November 22, 2019, from PayrollHeaven.com website: https://payrollheaven.com/define/deduction/

Definition Sources


Definitions for Deduction are sourced/syndicated from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • BusinessDictionary.com
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 30th September 2019.