The ____________ was presented by Nirmala Sitharaman on 1 February 2022, proposing various changes in the provisions of Income Tax Act, 1961 (the Act).
Show answer & explanation
Correct answer: B
Explanation
The correct answer is Option 2 i.e. Finance Bill.
- The Hon'ble Finance Minister Nirmala Sitharaman presented the Finance Act, 2022 in the Indian Parliament on February 01, 2022.
-
It was notified by the Central Government on March 30, 2022.
-
A number of amendments have come up in the provisions of the Income Tax Act and the Goods and Services Tax Act, wherein the key amendments include filing of an updated return, a taxation scheme for virtual digital assets, the extension of the timeline to claim the Input Tax Credit (ITC) in respect of the tax invoice or the debit note, etc.