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Question

Which one of the following statements regarding the levying. Collecting and distribution of Income Tax is correct?

A The Union levies, collects and keeps all the proceeds of income tax to itself
B The Union levies and collects and keeps all the proceeds are distributed among the states
C The Union levies, collects and distributes the proceeds of income tax between itself and the states
D Only the surcharge levied on income tax is shared between the Union and the states
Answer & Explanation
Option: [C]
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