All You Need To Know About Tax Evasion

Introduction
Tax evasion is a complex and pervasive issue that affects governments, economies, and societies worldwide. It involves the deliberate act of individuals or businesses avoiding the payment of taxes through illegal means. This article explores the various aspects of tax evasion, including its definition, differentiation from tax avoidance, illegal techniques employed, consequences, detection, prevention, and its impact on society.

Definition And Concept
Tax evasion is the deliberate act of evading taxes by individuals or businesses through illegal means, often involving fraudulent activities to reduce or eliminate their tax liabilities. This can include underreporting income, overstating deductions, using offshore tax havens, falsifying documents, non-disclosure of income, and engaging in cash transactions to hide taxable assets.