how to differenciate

sivaram (Asst Mgr-Taxation) (6918 Points)

03 September 2009

1What is the difference between deduction and exemption?

2.Distinguish beteen AOP and BOI?

Reply
Follow
Share

3 Replies

Sorabh Gupta (Manager ( Taxation )) (877 Points)
Replied 03 September 2009

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

sivaram (Asst Mgr-Taxation) (6918 Points)
Replied 03 September 2009

Thanks Mr Sorabh Gupta for the reply

The Harshit Aggarwal (B.Com(H) ,CS Final) (5278 Points)
Replied 03 September 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...................	"