Match the following List-I List-II a Tax evasion 1 Is done...

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Match the following.
List-I List-II
a. Tax evasion 1. Is done a financial activity, which a person proposes to carry out in near future
b. Tax avoidance 2. Unrecorded sales
c. Tax planning 3. Is a device, which technically satisfies the requirement of the law, but in fact it is not in accordance with the legislative intent
d. Tax management 4. Takes steps to avail various tax incentives

A. a-2, b-1, c-3, d-4

B. a-2, b-3, c-1, d-4

C. a-2, b-1, c-4, d-3

D. a-2, b-4, c-1, d-3

Answer: Option B


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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.
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A. Both the Statements (I) and (II) are correct

B. Statement (I) is correct, but (II) is incorrect

C. Both Statements (I) and (II) are incorrect

D. Statement (II) is correct, but (I) is incorrect

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