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Rebat, Deduction, Exemption

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(Querist)
18 February 2009 What is the difference between Rebate, Deduction & Exemption?
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chetan soni

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chetan soni (Expert)
18 February 2009 1. Rebate = concession in payment of Tax

2. Deduction = income is chargable to tax but due to some provision they are deducted from income.

3. Exemption = Income is not at all chargable to tax.

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