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Question
Which of the following are the canons of taxation issued by Adam Smith?
Which of the following are the canons of taxation issued by Adam Smith?
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Solution
The correct option is D Canon of elasticity
Adam Smith, an economist, had propounded certain canons of taxation. These canons enable an efficient taxation system. The canons include the canon of equity, canon of certainty, canon of economy, canon of convenience, canon of productivity, and canon of elasticity. India follows these canons strictly.
Adam Smith, an economist, had propounded certain canons of taxation. These canons enable an efficient taxation system. The canons include the canon of equity, canon of certainty, canon of economy, canon of convenience, canon of productivity, and canon of elasticity. India follows these canons strictly.
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