Tax is indispensable. Death and taxes can’t be escaped. That’s why, Mark Twain said that, ‘In this world, nothing is certain except death and taxes.’ Assessees use different techniques to see to it that, the burden of taxes reduces. Some of the techniques are not acceptable according to law, whereas some other are perfectly acceptable. In this paper, the various concepts related to taxes, tax planning, tax avoidance, tax evasion, tax management are discussed.