The major concern for many of salaried is how to save tax on salary income. All are known few but fail to utilize to the maximum. In this post, We will try to list down all allowances and deductions which help you in saving tax.
What is the difference between Exemption and deduction?
If an income is exempt from tax, then it is not included in the computation of income. However, the deduction is given from income chargeable to tax. Exempt income will never exceed the amount of income. However, the deduct may be less than or equal to or more than the amount of income.