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EXEMPTION & DEDUCTION

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(Querist)
30 July 2020 Respected Sirs,
Rds to all of you

PTRC , PTEC, EPF AND ESIC ALL THERE ARE EXEMPTIONS OR DEDUCTIONS AND AS UNDER WHICH SECTION OF INCOME TAX ?

Please guide me and oblige.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
30 July 2020 These are seductions.
According to Section 16 (iii) of the Income Tax Act 1961, the profession tax paid by an employee is allowed as a deduction from his/her gross salary income.
EPF and ESI deduction allowed under section 80C.
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TARIQUE RIZVI

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TARIQUE RIZVI (Querist)
01 August 2020 Sir basically what is the difference between exemption and deduction ?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
01 August 2020 Incomes were exempted and expenditure and investment were deducted
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TARIQUE RIZVI

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TARIQUE RIZVI (Querist)
01 August 2020 Raman Sir
Thanks for making me understand
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