Income-tax and Corporate Tax Planning Income-tax

Assertion (A): Both tax planning and tax avoidance are legal and aim at reducing tax liability.

Reasoning (R): Tax planning follows the intent of the law whereas the tax avoidance looks to the loop holes in the law to serve the purpose

Codes:

1

Both (A) and (R) are correct

2

(A) is correct and (R) is incorrect

3

(A) is incorrect and (R) is correct

4

Both (A) and (R) are incorrect

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