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The mode and timing of tax payment should be so far

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Unformatted text preview: and timing of tax payment should be so far as possible convenient to tax payer. so This canon recommends that unnecessary trouble to tax payer should be avoided, otherwise various ill effect may result. Besides these, there are other canons as well. 20 Canons of Taxation Canon of Productivity: According to this principle the tax system should be able to yield enough revenue for the treasury and the government should not be forced for deficit financing. deficit Canon of Elasticity: Tax system should be possible from Tax the authority without delay, to revise the tax structure, both with respect to its coverage and rates, to suit the changing requirements of the economy and treasury. requirements Canon of Simplicity: Tax system should not be Tax complicated and difficult to administer and understand. complicated 21 Theories of Taxation 1. Physiocratic Theory: According to this theory, only land is capable of producing a net surplus. Agriculture is only the productive sector and should be : taxed. taxed. 2. Ex...
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