The 'Faceless Appeal' scheme under income tax was introduced by: MCQ with Answer and Explanation

The 'Faceless Appeal' scheme under income tax was introduced by:
A. Finance Act, 2020
B. Finance Act, 2021
C. Finance Act, 2018
D. Finance Act, 2019
Answer: Option A
Solution (By JKExamLibrary)
Faceless appeal scheme was introduced in 2020 to impart transparency.

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Practice More Accountancy and Book Keeping Questions

Question #1 Report Error
Under GST, the 'Annual Return' (GSTR-9) must be filed by:
A. Every registered person, except composition dealers, casual taxable persons, and non-resident taxable persons
B. Only those with turnover exceeding ₹2 Crores
C. Every registered person, including composition dealers
D. Only input service distributors

Correct Answer: Option A


Explanation:
GSTR-9 is the annual return filed by regular registered taxpayers. Composition dealers, casual taxable persons, non-resident taxable persons, and ISDs file different specific returns (like GSTR-9A, 9B, 9C) and are excluded from the standard GSTR-9.

Question #2 Report Error
The 'Voucher' approach in accounting helps to:
A. Compute tax
B. Ensure documentation and authorisation of transactions
C. Prepare trial balance
D. Simplify journal entries

Correct Answer: Option B


Explanation:
Voucher system ensures that every transaction is supported by documentary evidence and approval.

Question #3 Report Error
The 'Written Representations' from management are required to:
A. Be the sole evidence
B. Only for fraud
C. Replace all other audit evidence
D. Complement other audit evidence and confirm management's responsibilities

Correct Answer: Option D


Explanation:
Written representations support, but do not substitute for, sufficient appropriate evidence.