13 July 2013
exempt income means by virtue of law its never included in gross taxable incme.
eg share of profits rec by partner under sec10(2).
non taxable income means they are taxable but by way of deduction or notification are not taxed though first included in GTI and then deducted.
hope now ur clear.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
14 July 2013
thanks for your quick reply but can you please tell whether interest on PPF and agriculture income and dividend income and interest on tax free bond is non taxable or exempt.