exemption & deduction
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 March 2010
what is the difference between exemption and deduction?
05 March 2010
exemption means income is not taxable at all whereas deduction is part of income which is not taxable some extent or expenditure which reduce the taxable income...
Example : - Agriculture Income is exempt income whereas expenditure of PF allowed as deduction from Taxable Salary.
Example : - Agriculture Income is exempt income whereas expenditure of PF allowed as deduction from Taxable Salary.
Message likes :
1 times
05 March 2010
Exemption - The income not taxable at all
Deduction - Amount reduced from the taxable income
Deduction - Amount reduced from the taxable income
Message likes :
1 times
06 March 2010
Completely agree with experts.
Regards
Regards
06 March 2010
Agreed.....
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Inventory of finished goods
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Sale of property furniture sale
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Confusion around Form 26QB fields
- Tds on building rent monthly
- RCM INVOICING FROM NOV-2024
- GST Regis.
- Disallowance of Section 43B(h) to sez units
- As per schedule III of balance sheet how to pass journal entry
- Is correct way to find out capital of individual on 31st March
- Individual capital equal to which assets of balance sheet
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
