Question
Which of the following is considered a key principle of
taxation that ensures tax fairness by taxing individuals based on their economic capacity?Solution
The Ability to Pay Principle is a fundamental concept in taxation that mandates that taxes should be levied according to an individual's capacity to bear the tax burden. It supports progressive taxation, where those with higher income or wealth pay a higher proportion of their earnings as tax, promoting fairness and equity in the tax system. This principle contrasts with the Benefit Principle, which suggests taxpayers should be taxed according to the benefits they receive from public services.
Regarding the merger of government insurance schemes for fisherfolk, consider these statements:
1. The merged scheme will be completely unsubsidi...
NCPCR To Celebrate Elimination of Child Labour Week During _______?
Recently which of the folloiwng institution has started accepting electronic bank guarantees and digitalised all its existing bank guarantees?
Which flagship skilling initiatives did India highlight during the BRICS meeting?
Which company has launched the world's first Generative AI tool for insurance?
Bangladesh observes its Independence Day on _______________.
The Insurance Regulatory and Development Authority of India (IRDAI) plans to create which initiative to address protection gaps in states?
Razia Sultana was the first woman Sultanate of India and ruled the court of Delhi from the end of _______.
Which of the following statements about the AI Audit Tool is incorrect?
1. It is being developed by ICAI and MeitY.
2. ₹100 crore has be...
What is the significance of the National Council of Educational Research and Training (NCERT) being granted the deemed-to-be-university status?