what is tax planning and tax evasion
Difference between Tax Planning and Tax Evasion. What Is Tax Planning vs.
Tax Evasion Vs Tax Avoidance Top 4 Differences Infographics
Tax avoidance is performed by availing loopholes in the law but complying with law provisions.
. 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. For example Alex works at an. Tax evasion is considered a crime.
The penalties for tax evasion depend on the severity. Tax evasion on the other hand is using illegal means to avoid paying taxes. Answer 1 of 11.
Answer 1 of 11. In contrast Tax Planning takes maximum advantages of the exemptions deductions rebates reliefs and other tax concessions allowed by taxation statutes leading to the. 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.
Usually tax evasion involves hiding or misrepresenting income. Lets understand it by example. There is a thin line of difference between the two but the consequences are far away from thin.
The consequences of tax evasion. Unlike tax avoidance tax evasion has criminal consequences and the individual may face prosecution in criminal court. Tax Evasion is an unlawful way of.
Statutory provisions are followed under tax planning while statutory provisions are violated under tax evasion. 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. Tax planning is using legal strategies to lower your tax bill while.
Income- Rs 100- Case 1. Tax evasion is a federal crime that can result in substantial fines and even imprisonment. Keep in mind that theres a difference between tax planning and tax evasion.
The Govt is trying. As considered as fraud tax evasion is an illegal method to reduce tax. Iii Tax Avoidance is done through not malafied intention but complying the provision of law.
Tax evasion is undertaken by employing unfair means.
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