Which one of the following statements regarding the levying,

152

M: +2.00/-0.50

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

I.A.S. (Pre) 1999

[Fiscal Policy, Inflation Planning and Banking]

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

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

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

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