Corporation tax ........

Indian Polity (Easy) Union - Executive, Legisture

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Corporation tax:

is levied by the Union and collected and appropriated by thestates

is levied by the Union and belongs to itexclusively

is levied and appropriated by the States

is levied by the Union and shared by the Union and theStates

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Explanation:

is levied by the Union and belongs to it exclusively

Corporate Tax: The income-tax paid by domestic companies, and foreign companies on their income in India is corporate income-tax (CIT). The CIT is at a specific rate as prescribed by the income tax act subject to the changes in the rates in the union budget every year.