What is meant by abatement?
This query is : Resolved
CA Anil Kumar Tadaka
(Expert)
24 November 2009
In general, a decrease in the amount of taxation faced by an individual or company.
or
A tax abatement means forgiveness of a tax, often a property tax, for a stated period of time.
A reduction in amount or intensity. Usually applies to decrease in taxes or rent.
Example: A manufacturing plant may install equipment for pollution abatement.
Example: Tenants may ask for an abatement in rent over a period when their use of the property has been interrupted or inhibited by actions of the landlord, such as renovation of the structure.
or
A tax abatement means forgiveness of a tax, often a property tax, for a stated period of time.
A reduction in amount or intensity. Usually applies to decrease in taxes or rent.
Example: A manufacturing plant may install equipment for pollution abatement.
Example: Tenants may ask for an abatement in rent over a period when their use of the property has been interrupted or inhibited by actions of the landlord, such as renovation of the structure.
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