Abatement
What is Abatement?
I want details regarding abatement.
By  Devang Yadav  |  22 Apr 2016  |  Upvotes: 0  | 

2 Answer(s)

Ravindra Purohit
Advocate

Abatement is a reduction in the level of taxation faced by an individual or company. Examples of an abatement include a tax decrease, a reduction in penalties or a rebate. If an individual or business overpays its taxes or receives a tax bill that is too high, it can request an abatement from the tax authorities.

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Prateek Kumar
Advocate

In the context of taxation, an abatement is a decrease in the amount of tax imposed. Abatement of taxes relieves property of its share of the burdens of taxation after the assessment has been made and the levy of the tax has been accomplished.

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