In India, personal income tax is __:
- collected and appropriated by Central Government
- progressive in nature
- highest source of revenue for the union government
Select the correct option from the codes given below:
The first statement is incorrect because income tax is collected by Union Government but becomes a part of Central pool of taxes which is divided into union and states. Second statement is correct. Third statement is incorrect because Corporate Income Tax is the highest source of revenue for the government.
This question is a part of GKToday's Integrated IAS General Studies Module