Q.
1
Statement (I): If the tax liability has been reduced within the legal framework, it is tax planning.
Statement (II): If tax liability has been reduced to get benefit of deduction available under the income tax, it is called tax evasion.
Which of the following codes is correct?
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Both the statements (I) and (II) are correct
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Statement (I) is correct but (II) is incorrect
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Both the statements (I) and (II) are incorrect
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Statement (II) is correct but (I) is incorrect