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UPSC 1995: Corporation tax
(a)is levied and appropriated by the States
(b)is levied by the Union and collected and appropriated by the States
(c)is levied by the Union and shared by the Union and the States
(d)is levied by the Union and belongs to it exclusively
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Not attemptedCorrect Answer: (d) is levied by the Union and belongs to it exclusively
Corporation tax is a Union‐list levy (Entry 85, List I) and, unlike income-tax (other than agricultural income), it is excluded from the divisible pool under Art. 270 (as it stood in 1995). Hence it is levied, collected and retained exclusively by the Union; it is neither assigned nor shared with States. ([examrobot.com](https://examrobot.com/content/corporation-tax?utm_source=openai))
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Frequently Asked Questions
What is the correct answer to this UPSC 1995 Indian Economy question?▼
The correct answer is option (d): is levied by the Union and belongs to it exclusively. Watch the detailed video explanation in our Sherlocking Prelims course on UnlockIAS.
Which year was this Taxation question asked in UPSC Prelims?▼
This question was asked in UPSC CSE Prelims 1995, GS Paper 1, as Question 46. It falls under Indian Economy > Taxation.
What is the difficulty level of this UPSC question?▼
This question is rated "easy". It tests basic recall and most well-prepared aspirants should answer it correctly.
How many UPSC Prelims questions have been asked from Taxation?▼
UPSC has asked 19 questions from Taxation (under Indian Economy) across multiple years. Visit the topic page to see the full list and year-wise trends.