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GK MCQs Section
Q. Which one of the following statements regarding the levying, collecting and distribution of Income Tax is correct?
Answer: The Union levies, collects and distributes the proceeds of income-tax between itself and the States
Notes: Article 270 permitted mandatory sharing of the net proceeds of income tax levied and collected by the Union with the States. Such proceeds assigned to States did not form part of the Consolidated Fund of India. Article 272 provided for sharing of Union excise duties, if Parliament by law so provided.

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