what is tax planning and tax evasion

The penalties for tax evasion depend on the severity. Iii Tax Avoidance is done through not malafied intention but complying the provision of law.

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Tax Evasion is an unlawful way of.

. Tax evasion is considered a crime. Tax avoidance is performed by availing loopholes in the law but complying with law provisions. But tax evasion which is termed tax fraud is an unlawful.

Answer 1 of 11. Usually tax evasion involves hiding or misrepresenting income. As considered as fraud tax evasion is an illegal method to reduce tax.

Unlike tax avoidance tax evasion has criminal consequences and the individual may face prosecution in criminal court. Tax evasion is undertaken by employing unfair means. For example Alex works at an.

Tax Planning means reducing. There is a thin line of difference between the two but the consequences are far away from thin. The consequences of tax evasion.

In contrast Tax Planning takes maximum advantages of the exemptions deductions rebates reliefs and other tax concessions allowed by taxation statutes leading to. Difference between Tax Planning and Tax Evasion. Tax evasion on the other hand is using illegal means to avoid paying taxes.

Keep in mind that theres a difference between tax planning and tax evasion. Lets understand it by example. Answer 1 of 11.

Whereas tax planning assists corporations to achieve tax efficiency. Tax evasion is a federal crime that can result in substantial fines and even imprisonment. Tax Planning is basically arranging ones financial affairs in such a way that benefit of all the eligible exemptions deductions allowances and concessions given under.

Income- Rs 100- Case 1. In Tax Planning a taxpayer is doing what the govt wants him to do whereas in tax avoidance a taxpayer is doing something which the govt didnt expect the taxpayer to do. What Is Tax Planning vs.

Statutory provisions are followed under tax planning while statutory provisions are violated under tax evasion. Tax avoidance and tax planning are both legal terms. The Govt is trying.

Very Simple analysis of different terms under Income Tax Act 1961 Tax Planning Tax Evasion Tax Avoidance Tax Management is as under-. Tax planning is using legal strategies to lower your tax. In other words tax planning is an art in which ones financial affairs are logically planned in such a way that the assessee benefits from all of the taxation laws eligible.

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