Discussion
Consider the following statements :
A. Corporation tax is levied on the income of both registered, unregistered companies and corporations.
B. Corporation tax is levied on incomes of individuals and Hindu Undivided Family.
C. Corporation tax is levied only on the incomes of registered companies and corporations.
Which of the above statements is/are true ?
Choose the correct answer from the options given below :
Answer: B
Only statement C is true, so the answer is Only C is true.
Corporation tax is the income tax charged on the profits of companies and corporations registered under the law. It is levied on the income of companies, both Indian and foreign, and not on individuals.
Statement B is wrong because individuals and Hindu Undivided Families pay personal income tax, not corporation tax. Statement A is wrong because unregistered bodies are not taxed as companies. That rules out options including A or B.
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