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Which of the following statements best describes the term ‘Tax credit’?
It is reward given by the government for tax payers who pay the tax in advance.
It is a type of credit given by banks such as education loans which do not come under the purview of taxable income.
It is the amount of money collected from a taxpayer for a specified purpose, as tax on tax.
It is a sum that can be subtracted from the total payable tax and offsets the overall liability.
By: Abhishek Sharma ProfileResourcesReport error
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