Multiple choice

Corporation tax is

  1. levied and appropriated by the states

  2. levied by the Union, collected and appropriated by the states

  3. levied by the Union and shared by the Union and the states

  4. levied by the Union and belongs to it exclusively
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Corporation tax is a direct tax levied, collected and appropriated by the Union or the central government. No part of this tax can be assigned to the states.

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