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In Indian income tax, a deduction refers to an amount subtracted from the total income to arrive at the taxable income, thereby reducing the tax liability. Deductions are claimed under specific sections of the Income Tax Act for expenses incurred or investments made, such as Section 80C, 80D, and 80G. An exemption, on the other hand, refers to certain incomes or allowances that are not included in the total taxable income, thereby reducing the tax liability. Exemptions are provided under various provisions of the Income Tax Act for specific types of income, allowances, or investments.