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In the below given questions, three statements are given, among the below mentioned given options determine which of the following shows the correctness of the given statements:
Statement 1: Tax planning involves the use of legal methods to minimize tax liability.
Statement 2: Tax evasion is a legal method of reducing tax liability.
Statement 3: Tax planning can help individuals and businesses reduce their overall tax burden.
Statement 1: Tax planning involves the use of legal methods to minimize tax liability.
Statement 2: Tax evasion is a legal method of reducing tax liability.
Statement 3: Tax planning can help individuals and businesses reduce their overall tax burden.
- a)Only statement 1 is true.
- b)Statements 1 and 3 are true.
- c)Statement 2 is true.
- d)Statements 1, 2, and 3 are true.
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
In the below given questions, three statements are given, among the be...
Explanation:
Tax planning involves the use of legal methods to minimize tax liability. This means that individuals and businesses can strategically plan their financial activities to take advantage of tax deductions, credits, and other incentives provided by the tax laws. By doing so, they can legally reduce the amount of taxes they owe to the government.
Tax evasion, on the other hand, is the illegal act of intentionally avoiding paying taxes by concealing income, inflating deductions, or engaging in other fraudulent activities. Tax evasion is a crime and can result in severe penalties, including fines and imprisonment.
Key Points:
- Statement 1: Tax planning involves the use of legal methods to minimize tax liability. (True)
- Statement 2: Tax evasion is a legal method of reducing tax liability. (False)
- Statement 3: Tax planning can help individuals and businesses reduce their overall tax burden. (True)
Conclusion:
From the given statements, we can conclude that:
- Statement 1 is true.
- Statement 2 is false.
- Statement 3 is true.
Therefore, the correct answer is option 'B' - Statements 1 and 3 are true.
Tax planning involves the use of legal methods to minimize tax liability. This means that individuals and businesses can strategically plan their financial activities to take advantage of tax deductions, credits, and other incentives provided by the tax laws. By doing so, they can legally reduce the amount of taxes they owe to the government.
Tax evasion, on the other hand, is the illegal act of intentionally avoiding paying taxes by concealing income, inflating deductions, or engaging in other fraudulent activities. Tax evasion is a crime and can result in severe penalties, including fines and imprisonment.
Key Points:
- Statement 1: Tax planning involves the use of legal methods to minimize tax liability. (True)
- Statement 2: Tax evasion is a legal method of reducing tax liability. (False)
- Statement 3: Tax planning can help individuals and businesses reduce their overall tax burden. (True)
Conclusion:
From the given statements, we can conclude that:
- Statement 1 is true.
- Statement 2 is false.
- Statement 3 is true.
Therefore, the correct answer is option 'B' - Statements 1 and 3 are true.
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In the below given questions, three statements are given, among the be...
Tax planning involves using legal methods to minimize tax liability, while tax evasion is illegal and involves intentionally not reporting or underreporting income. Tax planning can help individuals and businesses reduce their overall tax burden by taking advantage of deductions, credits, and other tax strategies.
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In the below given questions, three statements are given, among the below mentioned given options determine which of the following shows the correctness of the given statements:Statement 1: Tax planning involves the use of legal methods to minimize tax liability.Statement 2: Tax evasion is a legal method of reducing tax liability.Statement 3: Tax planning can help individuals and businesses reduce their overall tax burden.a)Only statement 1 is true.b)Statements 1 and 3 are true.c)Statement 2 is true.d)Statements 1, 2, and 3 are true.Correct answer is option 'B'. Can you explain this answer?
Question Description
In the below given questions, three statements are given, among the below mentioned given options determine which of the following shows the correctness of the given statements:Statement 1: Tax planning involves the use of legal methods to minimize tax liability.Statement 2: Tax evasion is a legal method of reducing tax liability.Statement 3: Tax planning can help individuals and businesses reduce their overall tax burden.a)Only statement 1 is true.b)Statements 1 and 3 are true.c)Statement 2 is true.d)Statements 1, 2, and 3 are true.Correct answer is option 'B'. Can you explain this answer? for Banking Exams 2025 is part of Banking Exams preparation. The Question and answers have been prepared according to the Banking Exams exam syllabus. Information about In the below given questions, three statements are given, among the below mentioned given options determine which of the following shows the correctness of the given statements:Statement 1: Tax planning involves the use of legal methods to minimize tax liability.Statement 2: Tax evasion is a legal method of reducing tax liability.Statement 3: Tax planning can help individuals and businesses reduce their overall tax burden.a)Only statement 1 is true.b)Statements 1 and 3 are true.c)Statement 2 is true.d)Statements 1, 2, and 3 are true.Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Banking Exams 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for In the below given questions, three statements are given, among the below mentioned given options determine which of the following shows the correctness of the given statements:Statement 1: Tax planning involves the use of legal methods to minimize tax liability.Statement 2: Tax evasion is a legal method of reducing tax liability.Statement 3: Tax planning can help individuals and businesses reduce their overall tax burden.a)Only statement 1 is true.b)Statements 1 and 3 are true.c)Statement 2 is true.d)Statements 1, 2, and 3 are true.Correct answer is option 'B'. Can you explain this answer?.
In the below given questions, three statements are given, among the below mentioned given options determine which of the following shows the correctness of the given statements:Statement 1: Tax planning involves the use of legal methods to minimize tax liability.Statement 2: Tax evasion is a legal method of reducing tax liability.Statement 3: Tax planning can help individuals and businesses reduce their overall tax burden.a)Only statement 1 is true.b)Statements 1 and 3 are true.c)Statement 2 is true.d)Statements 1, 2, and 3 are true.Correct answer is option 'B'. Can you explain this answer? for Banking Exams 2025 is part of Banking Exams preparation. The Question and answers have been prepared according to the Banking Exams exam syllabus. Information about In the below given questions, three statements are given, among the below mentioned given options determine which of the following shows the correctness of the given statements:Statement 1: Tax planning involves the use of legal methods to minimize tax liability.Statement 2: Tax evasion is a legal method of reducing tax liability.Statement 3: Tax planning can help individuals and businesses reduce their overall tax burden.a)Only statement 1 is true.b)Statements 1 and 3 are true.c)Statement 2 is true.d)Statements 1, 2, and 3 are true.Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Banking Exams 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for In the below given questions, three statements are given, among the below mentioned given options determine which of the following shows the correctness of the given statements:Statement 1: Tax planning involves the use of legal methods to minimize tax liability.Statement 2: Tax evasion is a legal method of reducing tax liability.Statement 3: Tax planning can help individuals and businesses reduce their overall tax burden.a)Only statement 1 is true.b)Statements 1 and 3 are true.c)Statement 2 is true.d)Statements 1, 2, and 3 are true.Correct answer is option 'B'. Can you explain this answer?.
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