Which one of the following statements regarding the levying, collecting and distribution of Income Tax is correct? [IAS 1999]

Question

TuteeHUB · Accepted Answer

The Union levies, collects and keeps all the proceeds of income tax to itself

TuteeHUB · Answer

The Union levies, collects and distributes the proceeds of income tax between itself and the states

TuteeHUB · Answer

The Union levies and collects the tax but all the proceeds are distributed among the states

TuteeHUB · Answer

Only the surcharge levied on income tax is shared between the Union and the States

1.	Which one of the following statements regarding the levying, collecting and distribution of Income Tax is correct? [IAS 1999]
A.	The Union levies, collects and distributes the proceeds of income tax between itself and the states
B.	The Union levies, collects and keeps all the proceeds of income tax to itself
C.	The Union levies and collects the tax but all the proceeds are distributed among the states
D.	Only the surcharge levied on income tax is shared between the Union and the States
Answer» B. The Union levies, collects and keeps all the proceeds of income tax to itself

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