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With reference to the Union Budget 2021-22, consider the following statements:
1. Anyone with a taxable income of up to Rs. 50 lakh and a disputed income of up to Rs. 10 lakh shall be eligible for access to the Committee for Dispute Resolution.
2. It proposed the establishment of the Appellate Tribunal Centre for National Faceless Income Tax, in which all communication between the Tribunal and the appellant must be electronic.
Which of the statements given above is/are correct?
  • a)
    1 only
  • b)
    2 only
  • c)
    Both 1 and 2
  • d)
    Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
Verified Answer
With reference to the Union Budget 2021-22, consider the following st...
The Union Budget 2021-22 seeks to simplify the Tax Administration, Litigation Management further, and ease Direct Tax Administration compliance.
  • To further reduce litigation of small taxpayers, Smt. Sitharaman proposed to constitute a Dispute Resolution Committee. Anyone with a taxable income up to Rs. 50 lakh and disputed income up to Rs. 10 lakh, shall be eligible to approach the Committee.
  • She also announced setting up of National Faceless Income Tax Appellate Tribunal Centre, wherein all communication between the Tribunal and the appellant shall be electronic.
  • In the 75th year of independence, the Budget seeks to reduce the compliance burden on senior citizens of 75 years of age and above. Such senior citizens having an only pension and interest income will be exempted from filing their income tax return.
  • The Budget proposes to notify rules for removing the hardship of Non-Resident Indians returning to India on their accrued incomes in their foreign retirement account. It proposes to make a dividend payment to REIT/InvIT exempt from TDS.
  • The Finance Minister proposed extending the eligibility period for a claim of the additional deduction for Rs' interest. 1.5 lakh on loan taken for the purchase of an affordable house to 31st March 2022.
  • To incentivize startups in the country, Smt. Sitharaman announced an extension in the eligibility for claiming tax holiday for startups by one more year till 31st March 2022.
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With reference to the Union Budget 2021-22, consider the following statements:1. Anyone with a taxable income of up to Rs. 50 lakh and a disputed income of up to Rs. 10 lakh shall be eligible for access to the Committee for Dispute Resolution.2. It proposed the establishment of the Appellate Tribunal Centre for National Faceless Income Tax, in which all communication between the Tribunal and the appellant must be electronic.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
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With reference to the Union Budget 2021-22, consider the following statements:1. Anyone with a taxable income of up to Rs. 50 lakh and a disputed income of up to Rs. 10 lakh shall be eligible for access to the Committee for Dispute Resolution.2. It proposed the establishment of the Appellate Tribunal Centre for National Faceless Income Tax, in which all communication between the Tribunal and the appellant must be electronic.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about With reference to the Union Budget 2021-22, consider the following statements:1. Anyone with a taxable income of up to Rs. 50 lakh and a disputed income of up to Rs. 10 lakh shall be eligible for access to the Committee for Dispute Resolution.2. It proposed the establishment of the Appellate Tribunal Centre for National Faceless Income Tax, in which all communication between the Tribunal and the appellant must be electronic.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the Union Budget 2021-22, consider the following statements:1. Anyone with a taxable income of up to Rs. 50 lakh and a disputed income of up to Rs. 10 lakh shall be eligible for access to the Committee for Dispute Resolution.2. It proposed the establishment of the Appellate Tribunal Centre for National Faceless Income Tax, in which all communication between the Tribunal and the appellant must be electronic.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.
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