🔤 Carryback ✨
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📖
URDU
🅰️
Roman Urdu:
Nuqsan Ka Pichle Saal Par Ifada
🇬🇧
ENGLISH
📚noun
carryback
🗣️
PRONUNCIATION
Standard: ˈkæriˌbæk
Phonetic: Karry-bak
📝
DEFINITION
A Provision In Tax Law That Allows A Taxpayer To Apply Current Losses To Previous Tax Years, Resulting In A Refund Of Past Taxes Paid.
💡
EXAMPLE SENTENCES
The company utilized a carryback to reduce its tax liability for the previous fiscal year.
Understanding the carryback rules is crucial for effective tax planning.
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🔗
SYNONYMS
loss carryback
⚡
ANTONYMS
carryforward
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