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The lesson round-up names four classical canons of taxation. Which list correctly states all four canons?
Answer & Solution
Correct answer: B.
1. The lesson cites four canons under "Canon of Taxes".
2. They are Canon of Equity, Canon of Certainty, Canon of Convenience and Canon of Economy.
3. Progressivity, buoyancy, federalism and stability are modern policy concepts, not classical canons.
4. So the equity-certainty-convenience-economy list is the right one.
_Source: ICSI CS Executive Paper 4 (Tax Laws) — Lesson 1: Direct Taxes — At a Glance, pp. 10-22._
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