Explanation:

Corporation Tax

The authority to levy a tax is derived from the Constitution of India which allocates the power to levy various taxes between the Centre and the State. Article 246 of the Indian Constitution, distributes legislative powers including taxation, between the Parliament of India and the State Legislature. Taxes of Central government under constitutionally established scheme of taxation are: taxes on income other than agricultural income; duties of customs including export duties; corporation tax; taxes on capital value of assets, exclusive of agricultural land, of individuals and companies, taxes on capital of companies; estate duty in respect of property other than agricultural land, etc.