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Answer

Correct Option is Both 1 and 2

Articles 268 to 293 in Part XII of the Constitution deal with Centre-state financial relations. Besides these, there are other provisions dealing with the same subject. 1. The Parliament has exclusive power to levy taxes on subjects enumerated in the Union List 2. The state legislature has exclusive power to levy taxes on subjects enumerated in the State List 3. Both the Parliament and the state legislature can levy taxes on subjects enumerated in the Concurrent List 4. The income-tax is levied and collected by the Centre but its proceeds are distributed between the Centre and the states. Hence Both statements are correct.

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