The tax levied by the Union Government on income of individuals is known as ______.

personal income tax

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interest tax

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wealth tax

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corporate tax

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Solution

The correct option is A personal income tax
Personal income tax- it is based on the principle of ability to pay. The tax levied by the union government on income of individuals is known as income tax.

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Tax levied on value of total assets owned by an individual is income tax.

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