Difference between Exemption and Deduction in income tax act 1961?
Diffrence between Deduction and Exemption under income tax act 1961?
Generally Exemption is nature of income, Exemption means that portion of income which are not fall under the taxable criteria of income.
Generally Deduction is nature of Expenditure,
Deduction means those Expenditure which income tax act allowed to deduct from your gross total income.
Both Exemption and Deduction are decreased your tax liability but Exemption include only those income which is taxable income where deduction deduct some expenses from income which decrease the income.
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