wat and diff tax planning,avoidance,evasion,mgt.

689 views 3 replies

wat and diff

 

tax planning

tax avoidance

tax evasion

tax management

thanks in advance.......

Replies (3)

Dear Vasanth,

Pls see this -

/forum/planning-and-management-63116.asp

Dear,

 

Tax Planning

 

A way to reduce tax liability by taking full advantages provided by the act

 

Through various exemptions, deductions, rebates & relief.

 

Tax avoidance

 

An exercise by which the assessee legally takes advantage of the loopholes in the act.

 

This is short term benefit.

 

Tax evasion

 

The illegal way to reduce tax liability by deliberately suppressing income or sale or by increasing expenses, ect., which results in reduction of total income of the assessee.

 

Tax management

 

A procedure to comply with the provisions of the law.

 

 

Regards

 

K.Ilayaraja.

 

For Differentiation wait………

 

 

 

Dear sir,                  
                   
  T.P   T.A   T.E   T.M    
                   
Benefit Arises in long run Arises in short run Benefits do not arise  penalty,interest  
          but it causes penalty and prosecution can be
          and prosecution avoided    
                   
Practice tax saving   tax hedging tax concealment tax administration  
                   
                   
Need desirable   avoidable   objectionable tax administration  
                   
                   
                   
Morality moral in nature immoral in nature illegal   duty    
                   
                   
Regards                  
                   
K.Ilayaraja                

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