GENERAL KNOWLEDGE

Detailed explanation-1: -In this sense, his canons of taxation are ‘classical’ in sense, four canons of taxation are: (i) Canon of equality or equity (ii) Canon of certainty (iii) Canon of economy (iv) Canon of convenience.

Detailed explanation-2: -Adam Smith, an economist, had propounded certain canons of taxation. These canons enable an efficient taxation system. The canons include the canon of equity, canon of certainty, canon of economy, canon of convenience, canon of productivity, and canon of elasticity. India follows these canons strictly.