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Weekly Current Affairs July 2020

Hello everyone here i am going to upload weekly current affairs that will help students appearing competitive exams such as IBPS, SSC, PO, UPSC etc




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Power and functions of Income Tax Authorities

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CENTRAL BOARD OF DIRECT TAXES AND ITS POWERS

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Income Exempted under section 10 (U/S 10) of Income Tax Act 1961

Section 10 of Income tax Act is related to incomes which are totally exempted from tax, so in computing the total income of any previous year of any person, any income falling within any of the following clauses shall be exempted: 1. Agricultural Income [Section 10 (1)]:-    Agricultural income from land situated in India is fully exempted. 2. Any sum received by a Co-parcener from Hindu Undivided Family (H.U.F) [Section 10 (2)]:-    Any sum received by an individual as a member of a Hindu Undivided Family, where such sum has been paid out of the income of the family, or in the case of any impartible estate, where such sum has been paid out of the income of the estate belonging to the family is fully exempted. This is subject to the provision of section 64 (2) 3. Share of Income from the Firm [ Section 10 (2A)]:- In case of a person being a partner of a firm, which is separately assessed as such, his share in the total income of the firm shall be fully exempted. The share of partner in
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