Exemption & deduction
This query is : Resolved
Irfan Khan
(Querist)
09 January 2016
Hi All,
Can you give me simple explanation regarding the differences b/w income tax exemption and deduction. Thanking You in advance..
CMA Ramesh Krishnan
(Expert)
09 January 2016
Exemption is the income which is not taxable at all & the deduction in other way the deduction/reduction from the taxable income. you take the income tax slab is basic exemption is Rs.2.50 lakhs, if your income is below that limit then not taxable at all. and the deductions under chapter VI-A is the reduction or rebate from the taxable income
KAVIRAJA ADDANGADI
(Expert)
10 January 2016
Exemption is the limit set for allowing for tax calculation Sec 10 read with sub section various exemption criteria.
Deduction is allowed on saving or. Investment Under chapter VI A u/s 80
Deduction is allowed on saving or. Investment Under chapter VI A u/s 80
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