Sargam Sharma, University Institute of Legal Studies, Chandigarh University, Punjab, India
ABSTRACT
This paper presents a comparative narrative different approach adopted by two contrasting economies, India and the US, in dealing with the problem of tax evasion which is eroding the exchequer to a larger extent. The incidences of tax evasion have been discussed along with their impact on national development. Also, the impact of increasing penalties for non-compliance, lowering tax rates, simplifying rules/laws and the system, creating a well-structured tax administration organisation, reinforcing anti-corruption policies and to make tax payments easier have been presented as possible solutions. The strategies adopted in each case (India and the US) have been compared and similarities, differences and universalities have been compared amongst the possible and adopted solutions.
Keywords: tax evasion, tax avoidance, India, USA, tax Planning, ethical code of conduct
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