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u know da diffrence???
hey can anyone tell me wats da diffrence between rebate and deduction....
i hav heard ppl usind that word interchangeably....
Replies (3)
Dear Sumiuj,
They are different in the sense that Rebate is reduced from "Tax Liability" whereas Deduction is made from "Income"
They are similar in the sense that both have the effect of reducing Tax Outflow.
Yes. u r rite Amir. Deductions are from Income whereas rebate is from tax liability. Previously investments made were treated under rebate computed as a % of investmentsas qualifying amount, Now the full amount is shown as deduction from gross total amount.
Yes rebate and deduction counts the same. Previously it was computation on % basis on the investments like LIC, NSC, Etc U/s. 88 of the Income Tax Act, 1961.
Now the section has been modified and updated with Section 80CC of the Income Tax Act, 1961 and deducted from the gross total income subject to ceilings with the maximum limit of Rs. 1,00,000.
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