n NISM Certifications
XV NISM Series XV
Medium

Correct statement about Surcharge with income tax:

Practice question from NISM XV Mock Test 4 — bank. The correct answer is highlighted below with a full explanation.

Options

  1. A

    Collected for specific purpose

  2. B

    Levy on taxes paid digitally

  3. C

    Transferred to State Governments

  4. Additional levy not shared with State Governments

    Correct answer

Why this is the answer

Surcharge is tax on tax, collected by the central government and not shared with states.

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