As can be seen from the definitions of both the terms, the key difference between an expense and an asset is timing. An asset represents any source of future economic benefit to the firm that goes beyond one...

The primary difference between the two is the fact that the TDS deducted on Salary is reflected in Form 16, whereas the TDS Deducted on Other Payments is reflected in Form 16A. Additionally, Form 16 is...

A tax exemption exempts certain things, so that no tax must be paid on it. Tax deduction is an amount that is deducted from the total income of the person. Tax rebate, also known as tax refund, is a refund of...

The tax credit is an amount that is deducted from the amount of tax that is to be paid by a person, whereas the tax deduction is an amount that is deducted from the total income of the person; as the total...

Sales turnover is the amount of money that is earned by a company after selling its products/services. Profit of a company, the earnings of the company after all the costs has been deducted.