Tax Evasion
Trending Questions
Q. Identify the ways of tax evasion.
- Underreporting income
- Hiding money
- Filing tax returns
- Inflating expenses
Q. Suppose you are an income tax officer, and you suspect tax fraud for a local baker. Which scams would you look out for as an officer in a raid?
- Not reporting certain sales
- Reporting fake purchases
- Reporting the bills of the sales
- Transferring money to banks in coutries with low taxes
Q. Certain countries offer lower tax rates than our country. As a result, wealthy people open bank accounts in these countries, and they escape the tax burden from our country. Identify the type of tax evasion that is seen in this situation.
- Underreporting income
- Inflating deductions or expenses
- Hiding money
- Hiding interests in offshore accounts
Q. Which of the following is not a tax fraud?
- Underreporting income
- Inflating expenses
- Reporting the income yet to be received
- Hiding money
Q. What is the practice of illegally avoiding taxes called?
- Tax regulation
- Tax liability
- Tax evasion
- Tax erosion