Exempt income means income that is specifically exempt from taxation under the Income-tax Law, and hence no tax is payable on such Exempt Income. (Examples of Exempt Income are income from Agriculture, Interest on PPF, etc.).
On the other hand, Taxable income is defined as income on which the person is chargeable to tax as per the Income-tax Law. (Examples of Taxable Income are Salary Income, Bank Interest Income, etc.).
Comments
0 comments
Please sign in to leave a comment.