Life Insurance and General Insurance are two different types of insurances. The primary difference between is that life insurance protects against life, whereas general insurance protects against loss or...

Cash Credit and Overdraft are types of credit that businesses can avail from a bank or similar institutions. The main difference between Cash Credit and Overdraft is that overdraft is extended on an existing...

The terms Fiscal Year and Financial Year are synonymous, i.e. meaning the same thing. They are a period that governments use for accounting and budget purposes. However, they are also the duration on which tax...

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...