What is difference between
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 March 2017
Exemption , deduction and rebate under income tax
CA S K MISHRA
(Expert)
02 March 2017
Exemption covered U/s 10 which is not part of taxable income.
Deduction covered U/s 80CCC-80U i.e Ch VI-A , investment/savings/re-payment/ donation etc which is deducted from gross total income to arrive at taxable income.
Rebate covered u/s 88, which is deducted from tax due.
Deduction covered U/s 80CCC-80U i.e Ch VI-A , investment/savings/re-payment/ donation etc which is deducted from gross total income to arrive at taxable income.
Rebate covered u/s 88, which is deducted from tax due.
Dheeraj Somani
(Expert)
02 March 2017
A Tax exemption is reduction from income pertaining to particular source of income for expenses incurred or investment made i.e. house rent allowance, leave travel allowance etc.
A tax deduction is also reduction from income only if specific investments made or expenditure incurred by the tax payer. Deduction under 80C, 80D, 80E example for that.
Tax rebate provided from total tax payable. Thus while deductions and exemptions are reductions from specific heads of income or Total taxable income, rebate is a reduction of total tax payable. Like Rebate under section 87A.
A tax deduction is also reduction from income only if specific investments made or expenditure incurred by the tax payer. Deduction under 80C, 80D, 80E example for that.
Tax rebate provided from total tax payable. Thus while deductions and exemptions are reductions from specific heads of income or Total taxable income, rebate is a reduction of total tax payable. Like Rebate under section 87A.
03 March 2017
Examples:
Exemptions- Sections 10,54,54EC,54F
Deductions- 80C, 80D, 80U
Rebate- 87A, 88, 86
Exemptions- Sections 10,54,54EC,54F
Deductions- 80C, 80D, 80U
Rebate- 87A, 88, 86
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
