Using the loopholes of law to reduce tax is known as

Related MCQs

• Concealment of income or false claims to reduce tax liability are cases of ------
• An assessee was engaged in the business of dealing in commodities. He had paid Commodities transaction tax of Rs.15,000 in respect of the taxable commodities transactions. Income arising of Rs 3,00,000 from such taxable commodities transactions was included in the income computed under the head "Profits and gains of business or profession”. Such expenditure of payment of Commodities transaction tax shall be considered as
• ------ is the device which satisfies the requirements of the law but not in accordance with the intentions of the law
• The method by which a person illegally reduces his tax burden by either deflating their income or inflating their expenses is known as
• Reducing tax liability, utilizing the deductions, exemptions or reliefs allowed in the Act and Rules is called----
• Compliance of the legal requirements in connection with the tax is the essence of -----
• Tax avoidance is ----
• Availing tax holiday by a new industrial undertakings in backward areas is a case of
• Compliance with legal formalities and availing tax incentives are cases of
• Under the Income-tax Act, 1961, which of the following outlays incurred by Sun Ltd. during the previous year ended 31st March, 2019 will not be admissible as deduction while computing its business income