Q560
X is an individual. For the assessment year 2012-13 his gross total income is Rs. 3,40,000. Tax on it is Rs. 16,480. To reduce his tax liability, he deposits Rs. 50,000 in public provident fund account. Consequently, his taxable income and tax liability will be reduced to Rs. 1,10,000 and Rs. 11,330 respectively.
A.
Tax evasion
B.
Tax planning
AnswerC.
Tax avoidance
D.
Tax management
Answer: Option B
Solution
Answer: Option B
No explanation is given for this question Let's Discuss on Board