The correct answer is B. Corporation tax and income tax.
Corporation tax is a tax on the profits of companies, while income tax is a tax on the income of individuals. Both of these taxes are levied by the central government and are the two largest sources of revenue for the government.
Custom duties are taxes on goods imported into the country. They are levied by the central government and are designed to protect domestic industries from foreign competition. Inheritance tax, wealth tax, interest tax and gift tax are all taxes on wealth. They are levied by the central government and are designed to redistribute wealth from the rich to the poor.
Excise duties are taxes on goods produced and sold within the country. They are levied by the central government and are designed to raise revenue and to protect domestic industries from foreign competition.
In 2020-21, the central government collected â¹13.63 lakh crore from corporation tax and â¹10.35 lakh crore from income tax. This is significantly higher than the revenue collected from custom duties (â¹7.41 lakh crore), excise duties (â¹3.79 lakh crore) and inheritance tax, wealth tax, interest tax and gift tax (â¹0.53 lakh crore).
Therefore, the annual yield from corporation tax and income tax is the highest.