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A tax levied on a firm's profits is known as:

AIncome tax.

BSales tax.

CCorporation tax.

DProperty tax.

Answer:

C. Corporation tax.

Read Explanation:

  • Corporation tax is a direct tax on the net income or profits of a company.


Related Questions:

Which among the following income tax rate is applicable to a normal resident individual
other than senior and super senior citizen in India at present?


(i) Up to Rs. 2,50,000 – Nil
(ii) Rs. 2,50,000 to Rs. 5,00,000 – 5%
(iii) Rs. 5,00,000 to Rs. 10,00,000 – 10%
(iv) Above Rs. 10,00,000 – 20%

A tax on imported goods is called a:
The concept of "fiscal drag" occurs when:
The concept of "tax incidence" refers to:
Tax revenue of the Government includes :