Difference between exemption and deduction as per income tax Act 1961

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#CA • # • Residential status, How it is Determi... • What is Exemption? • Exemption means exclusion, i.e. if certain income is exempt from tax then it will not contribute to the total income of a person. • It is relaxation • It is allowed to all the person • It is unconditional • It is provided by the government to help weaker section of society. • Exemption does not form Part of total income. • Exemptions are provided under section 10 and 54 of income tax act 1961. • What is Deduction ? • Deduction means subtraction that is an amount eligible to reduce taxable income. • Deduction is like concession • Deduction is allowed to specific person that qualify the particular criteria. • The objective of providing deduction is to encourage savings and investments in certain instruments • Deductions are first added to GTI and then deducted from it • Deduction are provided under chapter VI and section 80C to 80U • • some related terms :- • My ca journey, ca salary in india, ca articleship salary , ca journey , ca journey stories , ca salary ,forensic audit , salary of ca ,ca journey , chartered accountant ,ca final

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