Cannons of Taxation

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Canons of Taxation
Basic Principles of Taxation
Tina S
Nov 27, 2009
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finance and Accounting
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The term taxation comes from Latin word Taxation. It means too determine he payable quantum on
estimate. taxing authority determines tax to be payable by the assesse. So Tax is the revenue collected by
the Government from persons and organizations under assorted taxing Acts. In new(prenominal) words, it is a liability
impose upon the assesse who may be individuals, groups of individuals and other legal entities.
A charge imposed by a government on a service, product, or activity in hostelry to raise revenue. Tax croup be
levied on business or personal income.
According to arbiter Holmes, the price to the Govt. for living in a civilized caller is the tax.
According to Taylor, taxes are the compulsory payments to Government without expectation of direct
benefit to the tax payer.
A tax system in order to achieve its various objectives, needs to adhere certain principles.



that in view of
the fact that the objectives of taxes are many and several(prenominal) of them are conflicting, the writers of public
finance have generally chosen and incontrovertible certain principles which a good tax system may adhere. In
this connection, Adam Smith gave four principle of taxation which he called Canons of Taxation. Some
other writers have also prescribed some other principles/canons.

05/11/2012 12:22

Canons of Taxation :: conveylive.com

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http://www.conveylive.com/a/Canon_of_Taxation

Adam Smiths canon of taxation:
1. Canon of Equality:
The subjects of every state ought to contribute towards the support of the government, as nearly as
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