With reference to the Income Tax Act, 1961, discuss whether the following acts can be considered as tax evasion, tax avoidance, tax planning, tax management or otherwise for the assessment year 2022-23 : (v) Mahesh depos
CS Professional · Advanced Tax Laws · PYQS · December 2022
With reference to the Income Tax Act, 1961, discuss whether the following acts can be considered as tax evasion, tax avoidance, tax planning, tax management or otherwise for the assessment year 2022-23 : (v) Mahesh deposited ₹ 50,000 in PPF account with the Post Office to avail tax deduction under section 80C. (Assume he has not opted for section 115BAC of the Income Tax Act, 1961).
Answer & Explanation:
Claiming of deduction from Gross Total Income u/s 80C of the Income tax Act, 1961 by depositing ₹ 50,000 in PPF with the Post Office falls under the purview of Tax Planning.
Topics: Income Tax Act
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