1What is the difference between deduction and exemption?
2.Distinguish beteen AOP and BOI?
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how to differenciate
Replies (3)
SivaRaman
Deduction means any expenditure is allowed at the time of calculating the income for the purpose net income libale for tax.............
Exemption means any income which you earned but it is not taxable OR exmpts from taxability
AOP means Association of person & PERSON includes Individual,Company.HUF,Society Firmetc.(As per income Tax)
BOI means only a group of individual ...........AOP is a wider term than BOI
Hope you understand all these things...................
Thanks Mr Sorabh Gupta for the reply
| Originally posted by :Sorabh Gupta | ||
| " | SivaRaman Deduction means any expenditure is allowed at the time of calculating the income for the purpose net income libale for tax............. Exemption means any income which you earned but it is not taxable OR exmpts from taxability AOP means Association of person & PERSON includes Individual,Company.HUF,Society Firmetc.(As per income Tax) BOI means only a group of individual ...........AOP is a wider term than BOI Hope you understand all these things................... |
" |
Completely Agree with Sorabh Gupta Sir !
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