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Question
Every year, the government announces the tax rates in its union budget. Which canon of taxation is applied in this situation?
Every year, the government announces the tax rates in its union budget. Which canon of taxation is applied in this situation?
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Solution
The correct option is B Canon of certainty
The union budget is announced every year on 1 February. Through the budget, people get to know how much tax must be paid and by when they have to pay the tax. This is in line with the canon of certainty. This gives certainty to the taxpayers and helps them to plan their tax payment for the year.
The union budget is announced every year on 1 February. Through the budget, people get to know how much tax must be paid and by when they have to pay the tax. This is in line with the canon of certainty. This gives certainty to the taxpayers and helps them to plan their tax payment for the year.
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