company secretary
CS Professional Programme Tax Notes
Prepared by: CA R Giridharan FCA Collected by: Santhosh Thomas Thaikkadan
Tax Management
Tax Management is essential, Tax planning is desirable and Tax evasion is objectionable. Elaborate.
Tax Planning
Tax Management
Tax Evasion
Tax planning is to avail Tax management refers to Tax evasion refers to ways maximum benefit
deductions, rebates of the steps taken to ensure and means adopted by a
exemptions, compliance
etc
and
with
the tax payer to evade tax by
thereby provisions of the tax laws.
minimizing tax liability.
falsifying
accounts
concealing
or
income,
inflating expenses etc.
It’s
fully
within
the It’s undertaken to fulfill the It’s clearly violations of law
framework of law and it requirements contained in and unethical in nature. It makes use of the beneficial the provisions of the law.
includes
provisions in law.
deceit.
The
judiciaries
in
an
element
of
India It is obligatory to exercise This is clearly prohibited,
accept this concept.
tax management.
as it is fully illegal.
It is a rewarding concept It aims at avoiding costs When proved, tax evasion for professionals/ experts arising as consequences of invites stringent penalties as it allows making use of non – compliance of law. and beneficial thus
provisions
and Thus
it
helps
the
against
tax the person who is found
tax planning to be successful.
minimizing
prosecution
engaged in it.
liability.
It is futuristic in approach Tax mgmt relates to the There is nothing like past,
(assessment present or future approach
i.e. it aims at minimizing past the tax
liability
future years.
of
appeal, in case of tax avoidance.
the proceedings,
revision, rectification etc), present( filing of return) and Courtesy: CA R Giridharan FCA
future
1
(corrective
Prepared by: CA R Giridharan FCA Collected by: Santhosh Thomas Thaikkadan
Tax Management
Tax Management is essential, Tax planning is desirable and Tax evasion is objectionable. Elaborate.
Tax Planning
Tax Management
Tax Evasion
Tax planning is to avail Tax management refers to Tax evasion refers to ways maximum benefit
deductions, rebates of the steps taken to ensure and means adopted by a
exemptions, compliance
etc
and
with
the tax payer to evade tax by
thereby provisions of the tax laws.
minimizing tax liability.
falsifying
accounts
concealing
or
income,
inflating expenses etc.
It’s
fully
within
the It’s undertaken to fulfill the It’s clearly violations of law
framework of law and it requirements contained in and unethical in nature. It makes use of the beneficial the provisions of the law.
includes
provisions in law.
deceit.
The
judiciaries
in
an
element
of
India It is obligatory to exercise This is clearly prohibited,
accept this concept.
tax management.
as it is fully illegal.
It is a rewarding concept It aims at avoiding costs When proved, tax evasion for professionals/ experts arising as consequences of invites stringent penalties as it allows making use of non – compliance of law. and beneficial thus
provisions
and Thus
it
helps
the
against
tax the person who is found
tax planning to be successful.
minimizing
prosecution
engaged in it.
liability.
It is futuristic in approach Tax mgmt relates to the There is nothing like past,
(assessment present or future approach
i.e. it aims at minimizing past the tax
liability
future years.
of
appeal, in case of tax avoidance.
the proceedings,
revision, rectification etc), present( filing of return) and Courtesy: CA R Giridharan FCA
future
1
(corrective