Q4
Statement (I): If the tax liability has been reduced within the legal framework, it is tax planning. Statement (II): If tax liability has been reduced to get benefit of deduction available under the income tax, it is called tax evasion. In the context of the above two statements, which one of the following is correct?
A.
Both the Statements (I) and (II) are correct
B.
Statement (I) is correct, but (II) is incorrect
AnswerC.
Both Statements (I) and (II) are incorrect
D.
Statement (II) is correct, but (I) is incorrect
Answer: Option B
Solution
Answer: Option B
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