Given below are two statements:
Statement I: Tax planning promotes professionalism and strengthens economic and political situation of the country.
Statements II: Tax evasion is an act within the permissible range of the Act to achieve social and economic benefits
In the light of the above statements, choose the correct answer from the options given below:

Correct option is C

Tax Planning - Tax planning refers to the process of analyzing a taxpayer's financial situation and structuring their affairs in a manner that minimizes their tax liability within the legal framework. The main objective of tax planning is to ensure that taxpayers pay the least amount of tax possible while complying with the tax laws
Tax Evasion - Tax evasion is a criminal offence that involves the intentional and illegal underreporting or non-reporting of income, assets, or transactions to avoid paying taxes. It is a deliberate attempt to deceive tax authorities by misrepresenting financial information to reduce tax liability.
Hence, statement I is true but statement II is false