Corporate Profit Tax, or Corporation Tax, is a direct tax levied on the income of domestic and foreign companies operating in India. Under the Indian Constitution, the power to levy taxes on income other than agricultural income rests with the Union Government. Corporate tax is a significant source of revenue for the Central Government and is collected and entirely utilized by the Union Government. It is not shared with the state governments.
Corporate profit tax is
Asked in WBCS Main Paper 5 2021 · Topic: Fiscal Policy & Revenue (Sources of Government Revenue: Tax and Non-Tax Revenue)
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Answer: B. collected and used by Union Government
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