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Rebat, Deduction, Exemption

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(Querist)
18 February 2009 What is the difference between Rebate, Deduction & Exemption?
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CA.MANOJ LAMBA

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CA.MANOJ LAMBA (Expert)
18 February 2009 rebate means concession in tax liablity of particular year directly.
deductions is out of GTI( Gross Total Income)
Exemption means Income not taxable at all
but all three reduce the tax burden.
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