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The receipts of which of the following taxes/duties are not shared with the states?
- a)Tax on income except agriculture
- b)Corporation tax
- c)Surcharge on Income tax
- d)Capital gain tax
Correct answer is option 'A'. Can you explain this answer?
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The receipts of which of the following taxes/duties are not shared wit...
The taxes/duties that are shared between the central government and the state governments are called 'shared taxes'. These taxes are collected by the central government and a portion of it is transferred to the state governments.
The taxes/duties that are not shared with the states are called 'non-shared taxes'. The central government collects these taxes and retains the entire amount. One such tax is the tax on income except agriculture.
Explanation:
Tax on income except agriculture is a tax that is levied on the income of individuals, Hindu Undivided Families (HUFs), companies, firms, and other entities. This tax is collected by the central government and is not shared with the state governments. The reason for this is that the Constitution of India gives the power to levy taxes on income to the central government only.
On the other hand, taxes like corporation tax, surcharge on income tax, and capital gain tax are shared with the states. Corporation tax is levied on the income of companies and is shared with the states in the ratio of the population of the state to the total population of all the states. Surcharge on income tax is an additional tax that is levied on individuals and companies with high incomes. This tax is also shared with the states. Capital gain tax is a tax that is levied on the profits earned from the sale of assets like property, shares, and securities. This tax is also shared with the states.
In conclusion, the tax on income except agriculture is not shared with the states while corporation tax, surcharge on income tax, and capital gain tax are shared with the states.
The taxes/duties that are not shared with the states are called 'non-shared taxes'. The central government collects these taxes and retains the entire amount. One such tax is the tax on income except agriculture.
Explanation:
Tax on income except agriculture is a tax that is levied on the income of individuals, Hindu Undivided Families (HUFs), companies, firms, and other entities. This tax is collected by the central government and is not shared with the state governments. The reason for this is that the Constitution of India gives the power to levy taxes on income to the central government only.
On the other hand, taxes like corporation tax, surcharge on income tax, and capital gain tax are shared with the states. Corporation tax is levied on the income of companies and is shared with the states in the ratio of the population of the state to the total population of all the states. Surcharge on income tax is an additional tax that is levied on individuals and companies with high incomes. This tax is also shared with the states. Capital gain tax is a tax that is levied on the profits earned from the sale of assets like property, shares, and securities. This tax is also shared with the states.
In conclusion, the tax on income except agriculture is not shared with the states while corporation tax, surcharge on income tax, and capital gain tax are shared with the states.
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The receipts of which of the following taxes/duties are not shared with the states? a)Tax onincome except agriculture b)Corporation tax c)Surcharge on Income tax d)Capital gain taxCorrect answer is option 'A'. Can you explain this answer?
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