GK
TAXES IN INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Wealth tax
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Interest tax
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Corporation tax
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Personal income tax
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Detailed explanation-1: -Corporation Tax popularly known as Corporate Tax is a direct tax levied on the net income or profit that corporate enterprises make from their businesses. The tax is imposed at a specific rate as per the provisions of the Income Tax Act, 1961.
Detailed explanation-2: -A corporate income tax (CIT) is levied by federal and state governments on business profits. Many companies are not subject to the CIT because they are taxed as pass-through businesses, with income reportable under the individual income tax.
Detailed explanation-3: -Corporation tax is a direct tax imposed on the net income or profit that enterprises make from their businesses. Companies, both public and privately registered in India under the Companies Act 1956, are liable to pay corporation tax.