MC: Topic: Income TaxationWhich of the following statements is not correct? *The “Benefit-Protection Theory” is the source of the “Doctrine of Symbiotic Relationship” while the Theory of Taxation is based on the Lifeblood Doctrine.The power to tax is unlimited, comprehensive, plenary and supreme that it can reach over into any jurisdiction to seize upon person or property.The Constitution grants exemption from income tax on its revenues and from real property tax on assets used actually, directly and primarily for educational purposes.Tax law can be imposed for a special purpose and not merely aimed at revenue collection.A person cannot object or resist the payment of taxes solely because no personal benefit to him can be pointed as arising from the tax.

Here given the details of the principles and process of taxation system of the country to be…

Answered: Which of the following statements is…

10th Edition

ISBN:9781259964947

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Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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MC: Topic: Income Taxation

Which of the following statements is not correct? *

The “Benefit-Protection Theory” is the source of the “Doctrine of Symbiotic Relationship” while the Theory of Taxation is based on the Lifeblood Doctrine.
The power to tax is unlimited, comprehensive, plenary and supreme that it can reach over into any jurisdiction to seize upon person or property.
The Constitution grants exemption from income tax on its revenues and from real property tax on assets used actually, directly and primarily for educational purposes.
Tax law can be imposed for a special purpose and not merely aimed at revenue collection.
A person cannot object or resist the payment of taxes solely because no personal benefit to him can be pointed as arising from the tax.

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