Current Affairs · Taxation and Economy
Consider the following statements regarding the Direct Tax / Income Tax Rules framework: Statement I: Income Tax Rules are revised periodically to enhance transparency, digitization, and standardization in direct taxation. Statement II: The threshold for Significant Economic Presence (SEP) in India is fixed at ₹10 crore transaction value or 10 lakh users. Statement III: Income tax and securities regulations allow stock exchanges to delete critical audit-trail transaction records after three years. Which one of the following is correct in respect of the above statements?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Both Statement II and Statement III are correct, and both of them explain Statement I.
- 2Both Statement II and Statement III are correct, but only one of them explains Statement I.
- 3Only Statement II is correct, while Statement III is incorrect.
- 4Neither Statement II nor Statement III is correct.✓
Correct answer
Neither Statement II nor Statement III is correct.
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