exemption & deduction
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 March 2010
what is the difference between exemption and deduction?
05 March 2010
exemption means income is not taxable at all whereas deduction is part of income which is not taxable some extent or expenditure which reduce the taxable income...
Example : - Agriculture Income is exempt income whereas expenditure of PF allowed as deduction from Taxable Salary.
Example : - Agriculture Income is exempt income whereas expenditure of PF allowed as deduction from Taxable Salary.
Message likes :
1 times
05 March 2010
Exemption - The income not taxable at all
Deduction - Amount reduced from the taxable income
Deduction - Amount reduced from the taxable income
Message likes :
1 times
06 March 2010
Completely agree with experts.
Regards
Regards
06 March 2010
Agreed.....
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