Certain taxes are deducted when we receive income, and certain taxes are paid at the end of the year by filing a form known as the income tax return, thereby reducing the cost of paying and collecting taxes. Identify the canon that is followed in this situation.

Canon of equity

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Canon of equality

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Canon of economy

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Canon of convenience

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Solution

The correct option is C Canon of economy
The canon of economy states that the cost of paying and collecting taxes should be minimum. By implementing techniques of tax collection and filing tax returns, there is minimal cost involved.

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Certain taxes are deducted when we receive income, and certain taxes are paid at the end of the year by filing a form known as the income tax return, thereby reducing the cost of paying and collecting taxes. Identify the canon that is followed in this situation.

The correct option is C Canon of economyThe canon of economy states that the cost of paying and collecting taxes should be minimum. By implementing techniques of tax collection and filing tax returns, there is minimal cost involved.

The correct option is C Canon of economy
The canon of economy states that the cost of paying and collecting taxes should be minimum. By implementing techniques of tax collection and filing tax returns, there is minimal cost involved.