Feb. 9, 2021, 4:19 p.m.
Income tax exemptions are provided on particular sources of income and not on the total income. It can also mean that you do not have to pay any tax for income coming from that source. For example, income from agriculture is exempted under tax.
Whereas, income tax deductions can be claimed on the gross total income. Certain specified investments and expenditure are considered to claim deductions. For example 80C, 80D, 80E etc
Income tax exemptions are provided on particular sources of income and not on the total income. It can also mean that you do not have to pay any tax for income coming from that source. For example, income from agriculture is exempted under tax.
Whereas, income tax deductions can be claimed on the gross total income. Certain specified investments and expenditure are considered to claim deductions. For example 80C, 80D, 80E etc