Question
Which of the following is not a canon of taxation as
stated by Adam Smith?Solution
Explanation: Adam Smith, in his work The Wealth of Nations, laid down four canons (principles) of taxation: 1. Equity – taxes should be fair. 2. Certainty – taxpayers should know how much and when to pay. 3. Convenience – tax should be collected in a manner convenient for the taxpayer. 4. Economy – the cost of tax collection should be minimal. While simplicity is desirable in a tax system, it is not one of Adam Smith's original canons .
Calculate cost of goods sold from the following figures:
Opening stock = Rs. 3,500
Purchases = Rs. 21,000
Closing stock = Rs. 2,500
Which of the following statements about a Ceding Company in insurance is true?
ABC sports material manufacturing company budgeted the following data for the coming year:
Sales (1,00,000 units) = ₹1,00,000
Variable c...
Which of the following statement is not true with regards to a bearer plant as per IND AS 16:
For an Asset Reconstruction Company (ARC), after how many days of overdue does a receivable get classified as a Non-Performing Asset (NPA) in its books?
Which section deals with TDS on cash withdrawals?
When a bank chooses the wrong strategy or follow a long-term business strategy which might lead to its failure, it is called
Goodwill is considered as:
Read the following information to answer the below questions:
What is the primary function of the National Payments Corporation of India (NPCI)?
