Questions

Corporation tax is a tax imposed on the net income of the company. Companies, both private and public which are registered in India under the Companies Act 1956, are liable to pay corporate tax.

Taxes in India are levied by the Central Government and the state governments. Some minor taxes are also levied by the local authorities such as the Municipality. The authority to levy a tax is derived from the Constitution of India which allocates the power to levy various taxes between the Central and the State.

Hence, Corporate Tax is imposed by Central Government.

Solely means only, simply or merely.

A Mirage is a naturally occurring optical phenomenon due to unequal heating of different parts of the atmosphere in which light rays bend to produce a displaced image of distant objects or the sky.