Which of the following statements is not correct?

A. One should avail potential tax saving opportunities

B. Purpose of tax saving is to minimize taxes and not to evade them

C. Tax planning helps to gain maximum advantage of tax laws

D. Tax planning is illegal in India

Answer: Option D

Solution(By Examveda Team)

Tax planning is not illegal in India. When tax planning is done inside the frameworks defined by the respective authorities, it is fully legal and in fact a smart decision. However, using shady techniques to avoid tax payments is illegal.