What is the difference between exemted transaction & exempted income as per income tax act
fakrudheen (Audit Assistant) (341 Points)
29 June 2016What is the difference between exemted transaction & exempted income as per income tax act
Mayra
(Tax Planner)
(23 Points)
Replied 30 June 2016
Exemptions are never measured as Income, so they are not directly taxable. Exempted Transaction and Exempted income both have different value but both are not come under any taxes.
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