(i) Foreign Account Tax Compliance Act is a recent legislation to curb black money in India.(ii) Tax evasion is the illegal way of evading taxes by individuals only. (iii) Overstating deductions is a form of generating black money. (iv) Tax evasion penalties can be harsh depending on the severity of the crime.(a) (i), (ii) are correct (b) (ii), (iii), (iv) are correct (c) (i), (iv) are correct (d) All are correct

(i) Foreign Account Tax Compliance Act is a recent legislation to curb

1.	(i) Foreign Account Tax Compliance Act is a recent legislation to curb black money in India.(ii) Tax evasion is the illegal way of evading taxes by individuals only. (iii) Overstating deductions is a form of generating black money. (iv) Tax evasion penalties can be harsh depending on the severity of the crime.(a) (i), (ii) are correct (b) (ii), (iii), (iv) are correct (c) (i), (iv) are correct (d) All are correct
Answer» (c) (i), (iv) are correct