Exemption vs Relief vs Rebate: Know the Difference
Exempt income stays outside your chargeable base, meaning it never enters taxable income. Understanding this distinction helps you plan cash flow, structure documents, and avoid overstating income that should not be taxed in the first place.
Exemption vs Relief vs Rebate: Know the Difference
Personal and lifestyle reliefs reduce chargeable income, not gross. Eligibility requires receipts and proof of purpose. Think of reliefs as adjustments after you tally income, helping refine your final figure before tax is calculated.
