Deduction for tax-exempt income: reduces tax by average-rate tax computed on the exempt portion in computing liability. Where total income includes income on which no income-tax is payable, the assessee is entitled to a deduction from the income-tax chargeable on total ... Summary
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Deduction for tax-exempt income: reduces tax by average-rate tax computed on the exempt portion in computing liability.
Where total income includes income on which no income-tax is payable, the assessee is entitled to a deduction from the income-tax chargeable on total income equal to the income-tax calculated at the average rate of income-tax on the amount on which no income-tax is payable.
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