Section 10 ITA 1961 lists EXEMPTIONS from total income. Which is NOT exempt under Section 10?
Answer & Solution
Correct answer: D.
1. Section 10 Income Tax Act 1961 enumerates exemptions from total income.
2. EXEMPTIONS include: (i) Agricultural income (Sec 10(1)); (ii) Sum received from HUF as member; (iii) Income of partners in firm; (iv) Leave travel concession (10(5)); (v) Gratuity (10(10)); (vi) Leave encashment (10(10AA)); (vii) Pension (10(10A)); (viii) Compensation (10(10B)); (ix) Voluntary retirement (10(10C)); (x) Provident fund interest (10(11)/(12)); (xi) Gifts up to Rs 50,000 from non-relatives; gifts from relatives (10) exempt; (xii) Receipts under LIC.
3. SALARY INCOME of Government employees is generally TAXABLE under Section 17 (head 'Salaries') — NOT exempt under Section 10.
4. Hence option B is the correct exception.
_Source: CS Executive Paper 4 Tax Laws (ICSI BoS) + Income Tax Act 1961 + CGST Act 2017 — Income Tax Act 1961, Section 10_
Related questions
Section 80GG ITA 1961 provides DEDUCTION for HOUSE RENT PAID by salary earners NOT receiviDOUBLE TAXATION AVOIDANCE AGREEMENT (DTAA) under Section 90 ITA 1961:Section 9 ITA 1961 prescribes when INCOME is DEEMED to ACCRUE OR ARISE in India for non-reSection 79 ITA 1961 restricts CARRY FORWARD of LOSSES of a COMPANY in case of CHANGE in BESections 73-75 CGST Act 2017 prescribe procedures for tax DEMANDS where TAX has been NOT PSection 5 IGST Act 2017 levies IGST on:Under Section 269ST ITA 1961, CASH RECEIPTS of Rs 2 LAKH or MORE from a single person in rThe DIRECT TAX VIVAD SE VISHWAS ACT 2020 was enacted to: