What is the difference btwn allowance & deduction
This query is : Resolved
Guest
Guest
(Querist)
12 March 2015
please explain the difference.
12 March 2015
deduction is when the income is first included in computation of gross total income and then deduction is provided under provision of income tax act,1961.
in case of alloawances, they are not included only by virtue of sec 10 exemption
in case of alloawances, they are not included only by virtue of sec 10 exemption
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