BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Is levied and appropriated by the states.
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Is levied by the union and collected and appropriated by the states.
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Is leveid by the union and shared by the union and the states.
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Is levied by the union and belongs to it exclusively.
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Detailed explanation-1: -d 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.
Detailed explanation-2: -Union Excise Duty Tax These taxes are also known as sin taxes.
Detailed explanation-3: -The correct answer is Stamp duties. Stamp duties are levied by Union and collected and appropriated by States.
Detailed explanation-4: -Also known as Corporation Tax, corporate tax is the tax imposed by the Government of India on the net income or profit that corporate enterprises make from their businesses.
Detailed explanation-5: -Detailed Solution. Initially, the Constitution provided for the sharing of only two Central taxes with States. Article 270 permitted mandatory sharing of the net proceeds of income tax levied and collected by the Union with the States.