Canon of taxation A good taxation system must achieve some major objectives from the justification ground, which is able to turn the taxation system more equitable for the public and at the same time decrease inequality from the society. This principle must be fit for social welfare context also. To achieve this criteria the great economist Adam Smith suggested four important set of principle. This is popularly known as Canon of taxation.Some other economist also suggested some more canon of taxation. The major four canon of taxation which is prescribed by Adam Smith are 1) Canon of equality - taxation is not a process of collection of tax only rather it has some major objectives also. To erase inequality from the society it may takes an important steps. In realistic situation we face income is subject to diminishing marginal utility .That means if income increases the utility derived from the additional unit is decreases. In that case if same percentage of tax is applicabl...
Current Economic related issues which is mainly based on theoretical approaches with the related present issues of the country .Helpful to know the inner economics of the decisions which has taken by the government for development.