Rebat, Deduction, Exemption
This query is : Resolved
18 February 2009
What is the difference between Rebate, Deduction & Exemption?
18 February 2009
1. Rebate = concession in payment of Tax
2. Deduction = income is chargable to tax but due to some provision they are deducted from income.
3. Exemption = Income is not at all chargable to tax.
2. Deduction = income is chargable to tax but due to some provision they are deducted from income.
3. Exemption = Income is not at all chargable to tax.
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