Analytical study of corporation taxation in India

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India is the only country adopting the federal monetary system. The main powers are the central government and the state government. The central government is the main authority in the federal finance system and the state government is the secondary authority. However, the central government has given some powers to the state government. Tax structure is discussed extensively, including direct and indirect taxation. A corporation tax is a direct tax whose share of the burden lies on the shareholders of the company. Corporation tax is generally a tax levied on a company. Hence, opinions were presented by various economists regarding corporation tax so before discussing corporation tax, it is important to discuss how the company came to be.