Budgeting and Fiscal policy

Indian Economic System(CSC)

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Indian Economy - Understanding the basics of Indian economic system

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Corporation tax

is levied and appropriated by the States

is levied by the Union and collected and appropriated by the States

is levied by the Union and shared by the Union and the States

is levied by the Union and belongs to its exclusively

Explanation:

4th option is correct.
Corporation tax is a tax imposed on the net income of the company.
Companies, both private and public which are registered in India under the Companies Act 1956, are liable to pay corporate tax.

By: Abhipedia

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