Income tax returns (ITR) filing: From tax evasion to tax avoidance, what you really must know
Tax Evasion is something which is totally against our national interest, illegal and outside the legal framework. When someone takes action which helps them reduce their tax liability either by way of increasing their deductions or exemptions or reducing their taxable income by not reporting it at all. All these sorts of activities are nothing but evading taxes, illegal means of saving taxes and our Income Tax Laws have been made stringent by incorporating many penalty provisions leading to prosecution as well.
Tax Planning is nothing but an art which helps you save taxes by using every possible income tax provision defined under income tax act. Image source: Pixabay