State with reasons whether the following acts can be considered as Tax Planning or Tax Management or Tax Evasion? (ii) An individual assessee deposits a sum of ₹20,000 in the name of his children in a post office savings

Tax Planning, Tax Management, or Tax Evasion: (ii) Individual depositing in children's name for Section 80C benefit: This act is a case of Tax Planning . Reason: The individual is taking advantage of the deductions and rebates provided under the Income-tax Act (Section 80C for investments and Section 87A for rebate on total income up to a certain limit). By making an eligible investment, the assessee is legitimately reducing his taxable income and tax liability within the framework of the law. This is a permissible way to optimize tax outgo by structuring financial affairs in a tax-efficient manner.