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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