CURRENT AFFAIRS

Detailed explanation-1: -The Supreme Court recently struck down a provision of Income Tax which denied exemption to women of which state? Notes: The Supreme Court recently struck down a provision of Income Tax which denied exemption to Sikkimese women who have married non-Sikkimese.

Detailed explanation-2: -However, there’s one Indian state that is exempted from paying income tax–it is Sikkim. Sikkim, an erstwhile kingdom was merged into India on the condition that its old laws and special status will remain intact.

Detailed explanation-3: -Any income of a research association, approved under section 35(1)(ii)/(iii) is exempt from tax, if following conditions as specified in section 10(21) are satisfied: 1. If the research association applies its income, or accumulates it wholly and exclusively to the objects for which it is established.

Detailed explanation-4: -Income Tax Exemption under Section 10(21) of Income Tax Act, 1961. If the Central Government is satisfied that various conditions laid down is not satisfied it may withdraw the exemption after giving opportunity of being heard to such association.