what is difference between deduction and exemption.
Menu
Deduction
Replies (8)
deduction incone is included in income, and then relevant section gives deduction
and exemption in not included in GTI
You can get details here
https://keydifferences.com/difference-between-deduction-and-exemption.H T M L
just you can use the H T M L as small letter
Exemption :- For claiming exemption you need to spend some amount. There are certain exemptions like HRA, conveyance e.t.c.
Deduction :- For claiming deduction you need to spend some amount.
Exemption :- For claiming exemption you need to spend some amount. There are certain exemptions like HRA, conveyance e.t.c.
Deduction :- For claiming deduction you need to spend some amount.
deduction is w.r.t. something i.e. chargeable to tax while expections are something that are chargeable but otherwise exempt by some other section(s)/provision/notification.
Exempt income income is not chargeable to tax but deduction is allowed for expenditure relating to taxable Income
Recent Threads
- International Tax clarification UK.
- E way bill expired penalty
- Best SME Focused AIF Funds in India for High Growt
- How does employee management software help in stat
- Clarification Required – Section 18 of Wage
- How to split freelance project income with a frien
- 194a for A y 2024-25
- Compensation & Benefits
- SAC code and GST rate transport services for anima
- Section 44AB is Gone — How Different is Tax
Related Threads
CAclubindia
