Q&A: Income Tax Threshold Q: I am currently employed with two agencies, am I allowed the yearly deduction of $600,000 from each employer? A: Section 20 of the Income Tax Act, Chapter 81:01, provides for each individual to be allowed a deduction of six hundred thousand dollars for each year. This Statutory deduction is granted on an individual basis and not on the grounds of each source of income. The statutory deduction is also subject to apportionment depending on the number of months an individual is employed.
Posted on: Fri, 29 Aug 2014 17:36:38 +0000
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