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Is there any difference between exemption & abatement in context of Indian taxation?

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posted Jun 21 by Adarsh

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1 Answer

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There is difference between exemption & abatement in context of Indian taxation
Exemption means removing any particular income from taxability or better to say from charge of taxation
Abatement means giving some amount like 40%, 60% etc as deduction from income earned for the expenses incurred to earn that income. It includes the cost of material provided to provide such services. Remaining part after seperating abatement is chargeable to tax

answer Jun 22 by Ritika Sharma
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