Question

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Answer 1

Answer:

Tax planning:

Tax planning means reduction of tax liability by the way of exemptions, deductions and benefits. Tax planning in India allows a taxpayer to make the best use of the various tax exemptions, deductions and benefits to minimize his tax liability every financial.

casual income:

Casual income means income in the nature of winning from lotteries, crossword puzzles, races including horse races, card games and other games of any sort, gambling, betting etc.