INCOME TAX

Question 1

legitimate arranging of financial activities that reduces or defers tax costs, within the object and spirit of the law

Answer 1

Tax planning

Question 2

very clear act with the intent to deceive. also includes knowingly failing to report revenue, or claiming the deduction of a false expense, or both.

Answer 2

TAX EVASION

Question 3

when someone trying to circumvents the law to avoid tax and doing transactions that do not reflect the real facts and maybe regarded as abuse.

Answer 3

Tax Avoidance