Which one of the following statements regarding the levying collecting and distribution of Income Ta...........

Economic Affairs Tax System

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Which one of the following statements regarding the levying, collecting and distribution of Income Tax is correct?

The Union levies, collects and distributes the proceeds of income tax between itself and the states.

The Union levels, collects and keeps all the proceeds of income tax itself

The Union levies and collects the tax but all the proceeds are distributed among the states

Only the surcharge levied on income tax is shared between the Union and the states

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Explanation:

The Union levies, collects and distributes the proceeds of income tax between itself and the states.

By: Abhipedia

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Vikas Rathore

the option marked as right option and the explanation does not match , question asks for income tax explanation is about surcharge on income tax and that too does not matches with the option markes as correct .... explanation says that surcharge is retained by centre but option 4 says that it is shared between states and centre ... please rectify