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Tax Evasion

5.3.      TAX EVASION

Any illegal method which leads to reduction of tax liability is known as Tax Evasion. The Tax Evasion is resorted to by applying following dishonest means :

  1. Concealing the Income

  2. Claiming excessive expenditure

  3. Falsification of accounts.

  4. Willful violence of Rules

E.g.      Claiming depreciation where no asset exist in the Business or claiming depreciation on the assets which is used for residential purposes. It Is basically a fraudulent method of reduction in tax liability.

 

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