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in income tax both exemptions and deductions are same or not????
Replies (11)
Key Differences Between Deduction and Exemption
Deduction means subtraction i.e. an amount that is eligible to reduce taxable income. Exemption means exclusion, i.e. if certain income is exempt from tax then it will not contribute to the total income of a person.
Deduction means subtraction i.e. an amount that is eligible to reduce taxable income. Exemption means exclusion, i.e. if certain income is exempt from tax then it will not contribute to the total income of a person.
Income Tax some expenses is also coming that are so I have to election in gross salary.. what is expenditure in income tax how to treat that
Your language is not clear, please tell me again what you want to know
Sorry sir I am asking about how to treat a expenditure in income taxation...
It is for an assessee to decide whether expenditure incurred in the course of his business. The expenditure may be incurred voluntarily without any necessity, but it is for the purpose of business or business earn profit after that expenditure, then it will be deductible under provisions of Section 37.
No both are not same
Expenditure in course of business is allowed as deduction. Exemption on other hand is income not chargeable to tax.
I agree with the above comment
Agree with janak ji
Agreed
Yes .
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