Corporation tax is a direct tax levied by a government on the net income or profits of companies and corporations that are registered under the relevant companies act or similar legislation. It is not levied on unregistered businesses, individuals, or Hindu Undivided Families (HUFs), whose incomes are taxed under different provisions (like income tax).
Consider the following statements:
Asked in KPSC KAS Prelims 2017 · Topic: Fiscal Policy & Revenue (Taxation System in India: Direct, Indirect taxes, and Tax Reforms (including GST))
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Answer: B. Corporation tax is levied on incomes of individuals and Hindu Undivided Family.
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