Question : Which of the following statement are true?
- Corporate tax is revenue receipts.
- Tax receipt is a capital receipt
Option 1: Both are true.
Option 2: Both are false.
Option 3: Statement 1 is true, statement 2 is false.
Option 4: Statement 1 is false, statement 2 is true.
Answer (1)
11th Jan, 2024
Correct Answer:
Statement 1 is true, statement 2 is false.
Solution :
Corporate tax is revenue receipts. It neither create any liability nor reduces any asset of the government.
Tax receipt is a revenue receipt as it neither create any liability nor reduces any asset of the government.
Hence, Option C is correct.
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