What are the legal implications of tax avoidance / What is tax evasion and its implications / What is tax evasion in Indian law / Best law firm in Coimbatore / Best advocates in Coimbatore / Best law service in Coimbatore / Best legal consultation in Coimbatore / Best legal services in Coimbatore / Best lawyers in Coimbatore / Online legal consultation. Tax avoidance and evasion are two distinct concepts in India's tax laws and policies. Tax avoidance is the legal practice of minimizing one's tax liability through strategic financial planning. It involves the use of various legitimate tax deductions and credits to reduce one's tax bill. On the other hand, tax evasion is the illegal practice of deliberately misrepresenting one's income, expenses, or other financial information to avoid paying taxes. The legal implications of tax avoidance and evasion in India are serious. The Income Tax Act of 1961 provides penalties for anyone who is found to be engaging in tax avoidance or evasion. These penalties may include fines, imprisonment, or both. The Income Tax Department also has the right to demand that taxes be paid, with interest, and to seize property if necessary. Tax avoidance and evasion are seen as unethical practices, as they deprive the government of much-needed revenue, which could be used to fund public services and infrastructure. Tax avoidance and evasion can also create an unfair playing field, as those who are willing to evade or avoid taxes have an advantage over those who are not. You can get the law services of Saanvika Legal Associates like Trust deeds, Financial law, Insurance law, Environment, Consumer, Property, Banking Tax Cyber, Constitutions, Labor law, Civil, Criminal, Family, Property registration, Getting Doc, and many others. Additionally, you can get to know about Legal notice, documentation, Legal registration, Property organization, establishing companies, Family legal consultation, Civil legal consultant, Criminal legal consultant, and Litigation for finance property from our expert lawyers.