Consider the following statements about the Cess: 1. A cess is levied on the tax payable and not on the taxable income. 2. The proceeds of all cesses are not credited in the Consolidated Fund of India (CFI), an account of the Government of India. 3. A cess can be levied only on direct taxes. 4. A cess is levied to meet a specific purpose and its proceeds cannot be spent on any other kind of government expenditure. Which of the above statement(s) is/are correct? - Study24x7
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Consider the following statements about the Cess: 1. A cess is levied on the tax payable and not on the taxable income. 2. The proceeds of all cesses are not credited in the Consolidated Fund of India (CFI), an account of the Government of India. 3. A cess can be levied only on...

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A

1 and 4 only

B

2 and 3 only

C

1 and 2 only

D

3 and 4 only

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