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exemption & deduction

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Querist : Anonymous

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Querist : Anonymous (Querist)
05 March 2010 what is the difference between exemption and deduction?
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Kailash Joshi

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Kailash Joshi (Expert)
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.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
05 March 2010 Exemption - The income not taxable at all

Deduction - Amount reduced from the taxable income
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Ankur Garg

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Ankur Garg (Expert)
06 March 2010 Completely agree with experts.

Regards
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
06 March 2010 Agreed.....
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