Direct taxes
What is the difference between Exemption and diduction?
Replies (1)
Deductions first includes in gross total income then allowed under specific provisions but Exemptions is not included in gross total income of an assessee.
In Exemption, the Income is exempt from tax and shall not form part of Gross Total Income. Whereas in Deduction, the Income will form part of GTI, but deduction can be claimed under Chapter VI A.
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