What is Tax Evasion in Indian income tax?
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Tax evasion refers to the illegal act of deliberately underreporting income, inflating expenses, concealing assets, or manipulating financial records to reduce tax liability and evade payment of taxes. It is a serious offense punishable under the Income Tax Act, 1961, and can lead to penalties, fines, prosecution, and imprisonment. Tax evasion undermines the integrity of the tax system and deprives the government of revenue needed for public welfare and development.