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

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

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

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

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

Which one of the following statements regarding the levying, collectin

1.	Which one of the following statements regarding the levying, collecting, and distribution of Income Tax is correct?
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 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 itself.

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

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