Need A Financial Product Forums Tax Savings What is meant by tax evasion crime and how is it penalised?

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    What is meant by tax evasion crime and how is it penalised?


    Arun Kumar

    An individual is found tax evasive if he submits the annual tax return using fabricated books and records on taxes and tries to hide or cover the data in records. If he destroys valid data and records describing income expenditure and revenue relevant to the tax and intentionally modifying the sale and purchase invoice for a company showing how much less or more profit it incurred during the work. Tax evasion is a serious crime and is penalised by giving imprisonment to the person for 6 months and not exceeding 5 years if the crime was serious. Also, he has to pay all the tax left or hidden in this crime before the due date along with an extra penalty.

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