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Tax planning is the art of reducing the Tax Liability of a person by making use of the various provisions of law. The Govt. in many cases provides various deductions and exemptions which can be used by a person to reduce the tax liability.
Tax evasion involves breaking the law, not paying taxes where the law clearly states that they must be paid. Tax evasion is the method by which a person illegally reduces the tax burden by either deflating their income or inflating their expenses.
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