Income-tax returns, April 23 -- All Indian residents are required to file their ITR for income tax purpose and report earnings from various sources such as salary, profits, gains from sale of real estate, capital gains, interest and dividend payments, etc.

While the e-filing process has become quicker and easier over the years, the process can be daunting for first-time filers. Here is a breakdown of some of the important terms you need to know when filing your returns. We take a look at the difference between deductions, exemptions and rebate.

Exemption in income tax are provided on sources of income as defined in the income tax act. For example: income generated from agriculture is exempted from tax, gains from sale of property reinve...