With reference to the retrospective amendment to the Income-tax Act, consider the following statements:

1. The Budget has allowed exemption of the amount received for medical treatment and on account of death due to Covid-19 retrospectively from April 1, 2020.

2. Separately, gifts and freebies to doctors shall not be treated as business expenditure under section 37 of the Income-tax Act.

Which of the statements given above is/are correct?

With reference to the import duty changes in Budget 2022, consider the following statements:

1. The customs duty on umbrellas was doubled to 20 per cent, while exemptions provided on import of parts of umbrellas were withdrawn.

2. The customs duty on single or multiple loudspeakers, whether or not mounted in their enclosures was hiked to 40 per cent.

Which of the statements given above is/are correct?

With reference to the Open cast mining, consider the following statements:

1. It is a traditional ‘cone-shaped’ excavation done for surface mining of coal that does not deep shafts.

2. It is a surface mining technique of extracting rock or minerals from the earth from an open-air pit, sometimes known as a borrow.

Which of the statements given above is/are correct?

With reference to the virtual digital assets, consider the following statements:

1. In Budget 2022 Union Government announced a 30 per cent tax on income from virtual digital assets.

2. Recent Budget on TDS on payment made in relation to the transfer of virtual digital assets at 1 per cent above a monetary threshold.

Which of the statements given above is/are correct?

With reference to the Scheme of Assistance to National Sports Federations (NSFs), consider the following statements:

1. It is a centrally sponsored scheme.

2. It is the main source of funding for preparation of national teams for all major national and international competitions.

Which of the statements given above is/are correct?