GK
TAXES IN INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Land revenues
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Corporation tax
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Capitation taxes
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Taxes on agricultural income
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Detailed explanation-1: -Corporate tax, income tax, security transaction tax, wealth tax, and others belonging to union tax are types of direct tax levied on profits or capital by corporations or similar legal entities. Such taxes are sometimes imposed on national levels but can also be imposed on state or local levels.
Detailed explanation-2: -Stamp duties on financial documents, Taxes on railway freights and fares are not the examples of Union tax.
Detailed explanation-3: -Corporate Tax Rate for Domestic Companies Companies registered under the Companies Act 1956, both public and private enterprises, are charged with this tax. Presently, domestic companies are taxed at a rate of 30%. In addition to this, the Income Tax Act levies a surcharge of 7% if the net income ranges from Rs.