Which one of the following is not correct ?

The Seventh Schedule of the Indian Constitution distributes legislative powers between the Union and States. Option 1 is correct as 'Taxes on agricultural income' is Entry 46 of the State List. Option 2 is correct because 'Price control' is Entry 34 of the Concurrent List. Option 4 is correct as 'Forests' was moved to the Concurrent List (Entry 17A) via the 42nd Amendment Act, 1976 [1]. Option 3 is incorrect because 'Insurance' is specifically listed as Entry 47 in the Union List. While some sources mistakenly associate insurance with the Concurrent List, the official constitutional scheme and detailed legal analysis confirm it is a Union subject. Therefore, the statement that insurance does not come under the Union List is false, making it the correct answer for this 'not correct' query.

Sources

1. [1] Geography of India ,Majid Husain, (McGrawHill 9th ed.) > Chapter 16: India–Political Aspects > STRUCTURE OF INDIAN FEDERATION > p. 11