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Difference between tax planning,tax avoidance and tax evasion
Posted Date: 20-Aug-2010
Difference between Tax planning,Tax avoidance and Tax evasion.
It is a way to reduce tax liability by taking full advantages
provided by the act through various exemptions,deductions,rebates
It is an exercise by which the assessee legally takes advantage of
the loopholes in the Act.
It is the illegal way to reduce tax liability by deliberately
suppressing income or sale or by increasing expenses etc.,which
results in reduction of total income of the assessee.
2)OBJECT- Tax planning:
To reduce tax liability by applying script and moral of law.
To reduce the tax liability to the minimum by applying the script
of law only.
To reduce tax liability by applying unfair means.
3)BENEFIT- Tax planning:
Generally,arises in long run.
Generally,arises in short run.
Generally,benefits do not arise but it causes penalty and
OF LAW- Tax planning:
It uses benefits of the law.
It uses loopholes in the law.
It overrules the law.
5)PRACTICE- Tax planning:
It is tax saving.
It is tax hedging.
It is tax concealment.
6)NEED- Tax planning:
It is desirable.
It is avoidable.
It is objectionable.
7)MORALITY- Tax planning:
It is moral in nature.
It is immoral in nature.
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