Use app×
Join Bloom Tuition
One on One Online Tuition
JEE MAIN 2025 Foundation Course
NEET 2025 Foundation Course
CLASS 12 FOUNDATION COURSE
CLASS 10 FOUNDATION COURSE
CLASS 9 FOUNDATION COURSE
CLASS 8 FOUNDATION COURSE
0 votes
49 views
in General by (239k points)
closed by
Time limit for re-opening of Income Tax assessment is reduced in Union Budget 2021-22. By how much years it is reduced?
1. 1 years
2. 5 years
3. 4 years
4. 2 years
5. 3 years

1 Answer

0 votes
by (237k points)
selected by
 
Best answer
Correct Answer - Option 5 : 3 years

The correct answer is 3 years

  • FM Nirmala Sitharaman reduced the time limit for reopening of income tax assessment cases to three years from six years, while for serious tax fraud cases where concealment of income is Rs 50 lakh or more it would be 10 years.
  • Sitharaman said the tax department will notify rules to remove hardships of double taxation faced by non-resident Indians (NRIs).
  • Also, pre-filled income tax returns with details on capital gains from listed securities, dividend income, and interest income from banks and post offices would be available soon, she said.
  • For small taxpayers with taxable income up to Rs 50 lakh, a dispute resolution committee would be set up.
  • 1.10 lakh taxpayers have availed of the Direct Tax Vivad Se Vishwas scheme to resolve tax disputes. She also proposed to start a faceless Income Tax Appellate Tribunal (ITAT)

Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to their queries. Students (upto class 10+2) preparing for All Government Exams, CBSE Board Exam, ICSE Board Exam, State Board Exam, JEE (Mains+Advance) and NEET can ask questions from any subject and get quick answers by subject teachers/ experts/mentors/students.

Categories

...