how to differenciate

Tax queries 599 views 3 replies

Asst Mgr-Taxation

6918 Points Joined April 2009

1What is the difference between deduction and exemption?

2.Distinguish beteen AOP and BOI?

Replies (3)

Manager ( Taxation )

877 Points Joined July 2008

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...................

Asst Mgr-Taxation

6918 Points Joined April 2009

Thanks Mr Sorabh Gupta for the reply

B.Com(H) CS Final

5278 Points Joined April 2009

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...................	"