Income Tax And Corporate Tax - Study Mode

Explanation

Solution: The correct answer is Option B: 2, 4 and 5 . Let's break down why: Ethical principles in business are about doing what's morally right and fair. Statement 1: "To take the necessary action for the development of the concerned industry or business" - While contributing to industry growth is good, it's not always a direct ethical *obligation*. It's more of a strategic or beneficial action. Statement 2: "Pay taxes and discharge other obligations promptly" - This *is* a core ethical principle. Businesses have a legal and moral duty to pay their taxes fairly and on time. It ensures the government can provide essential services. Statement 3: "To ensure the best utilisation of the human resources" - This is important for efficiency and productivity, but not directly an *ethical* principle in the same way as fairness and honesty. It's more related to good management practices. Statement 4: "Refrain from secret kickbacks or pay-offs to customers, suppliers, administrators, etc." - This is a major ethical red flag! Kickbacks are a form of bribery and corruption and are completely unethical and often illegal. Statement 5: "Ensure payment of fair wages and fair treatment of employees" - This is essential for ethical business practice. Treating employees with respect and paying them fairly is a key ethical responsibility . Therefore, only statements 2, 4, and 5 are central ethical principles that a business *must* follow.