Taxation Crossword

5. The amount of taxes owed after paying too little, assessed during an audit is called.
6. Initial liability of paying tax.
9. Process of entering into a tax motivated transaction (i.e. to obtain profit from the application of tax rules).
12. A tax based on the same percentage of income for all taxpayers, regardless of income level.
14. A strictly legal arrangement that is intended to reduce the tax liability.
15. An act of computing the tax due.

1. The repayment of a tax credit if requirements were not met by the taxpayer since claiming the credit.
2. An illegal arrangements where liability to tax is hidden or ignored.
3. Tax repaid to a taxpayer.
4. An alphanumeric ten digit number allotted to those who are supposed to deduct tax at source.
5. An item which is subtracted in arriving at, and which therefore reduces, taxable income.
7. A method of lowering the overall tax liability by adjusting the purchase price of the underlying debt instrument.
8. A white-collar crime, which is often associated with misappropriation of money/funds.
10. A provision made under the Indian Tax laws to reduce the tax burden of the lower income bracket.
11. An opportunities available in tax law to minimize a taxpayer's tax burdens.
13. Withholding tax, was introduced with an aim to collect tax from the very source of income.