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

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

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

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

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

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Dear Preetham The term exemption means exclusion and the term abatement means decreasing or subsidising.So there is difference between exemption and abatement. Both are comes under the Service Tax in India. The following are exempted from payment of Service Tax in India 1.Service provided to United Nations 2.Services Provided to Special Economic Zones 3.Free Services Further if the Total Value of Services provided in a Financial Year is less than 10 Lakhs , the service provider is not required to get service tax Registration and Pay Tax Abatement is some discounted rates based on certain notifications Kind Regards Vinod.P

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Picsjoin 2017224123730582 answered

Hie Preetham, **Yes, there is a difference between exemption & abatement in context of Indian taxation.** **TAX EXEMPTION** is that part of income where no tax is liable.** Chapter III of the Income Tax Act, 1961 gives the provision for exemptions in Income Tax. **TAX ABATEMENT is the partial exemption from taxable income subject to certain conditions**. Notification No. 26/2012-ST dated 20-6-2012 provides for abatement. In case of some services, abatement is available i.e. part of tax is exempted – e.g. 40% in case of air travel, 30% in case of GTA service, 40% in case of renting or hire of motor vehicle to carry passengers. ¨

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