Tax planning tax avoidance and tax evasion pdf

Posted on Wednesday, March 17, 2021 12:53:02 PM Posted by Checktenthire - 17.03.2021 and pdf, and pdf 4 Comments

tax planning tax avoidance and tax evasion pdf

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Example Investments Under Section 80C i. Under Section 80CCD i.

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Set up your overseas company online. If you own a business, you generally have the right to organize it in a way that ensures you pay no more taxes than necessary. This strategy, known as tax avoidance, involves using legal means to reduce taxes. It is not the same thing as tax evasion , which is the practice of violating your country's laws and paying less than the minimum amount of taxes. Rather, tax avoidance is the practice of setting up your business in a way that ensures it will be taxed fairly by your country's government. The objective of tax evasion is quite obvious. Taxpayers are often attracted to these illegitimate means of tax evasion as they promise large savings on taxes and require less effort and planning than legitimate tax avoidance techniques.

Example Investments Under Section 80C i. Under Section 80CCD i. Hiding or not reporting cash transactions, or hiding money in offshore accounts etc. Taking legitimate tax deductions to minimize business expenses and lower your business tax bill.

Differences between Tax evasion, Tax avoidance and Tax planning

Set up your overseas company online. If you own a business, you generally have the right to organize it in a way that ensures you pay no more taxes than necessary. This strategy, known as tax avoidance, involves using legal means to reduce taxes. It is not the same thing as tax evasion , which is the practice of violating your country's laws and paying less than the minimum amount of taxes. Rather, tax avoidance is the practice of setting up your business in a way that ensures it will be taxed fairly by your country's government. The objective of tax evasion is quite obvious.

To achieve this objective taxpayer may resort to following Three Methods :. So, the assessee shall arrange the affairs in a manner to reduce tax. But the question what method he opts for? Let us see its meaning and their difference. Tax Planning involves planning in order to avail all exemptions, deductions and rebates provided in Act. Some of the provisions are enumerated below :.


Tax Evasion is using illegal means to avoid paying taxes. · Tax avoidance means taking undue advantage of the loopholes, lacunae or drafting.


Differences Between Tax Evasion, Tax Avoidance and Tax Planning

Example Investments Under Section 80C i. Under Section 80CCD i. Hiding or not reporting cash transactions, or hiding money in offshore accounts etc. Taking legitimate tax deductions to minimize business expenses and lower your business tax bill.

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