exemption & deduction
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 March 2010
what is the difference between exemption and deduction?
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.
Example : - Agriculture Income is exempt income whereas expenditure of PF allowed as deduction from Taxable Salary.
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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
Deduction - Amount reduced from the taxable income
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Ankur Garg
(Expert)
06 March 2010
Completely agree with experts.
Regards
Regards
CA Ravi Sisodia
(Expert)
06 March 2010
Agreed.....
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