Conversion of black money in white money
This query is : Resolved
09 June 2012
hello experts,
I am discussing here very rare topic, if all of you think that this discussion can be done, so please continue to give participate, ----
Can any one tell me that how to convert black money in white money by using income tax planning not by voilation of income tax act.
example: If Mr. X has Rs. 100 lakh which is in between 6 years preceding the relevent assessment year and want to convert his most of the money in white.How can he do so..............
Thanks
I am discussing here very rare topic, if all of you think that this discussion can be done, so please continue to give participate, ----
Can any one tell me that how to convert black money in white money by using income tax planning not by voilation of income tax act.
example: If Mr. X has Rs. 100 lakh which is in between 6 years preceding the relevent assessment year and want to convert his most of the money in white.How can he do so..............
Thanks
10 June 2012
it can be converted if a scheme like VDIS will be introduced .
or
Provision of section 68 and 69 can be applied but in such case penalty clause will also attract.You have to be careful about it
or
Provision of section 68 and 69 can be applied but in such case penalty clause will also attract.You have to be careful about it
10 June 2012
Everything is possible but.....
11 June 2012
one may use section 68 and 69 but he may have to face legal actions under other acts. When there is no VDIS type scheme it is not possible.
One may save tax by proper tax planning but cant convert black money into white money.
One may save tax by proper tax planning but cant convert black money into white money.
11 June 2012
Please check the possibility for Application to Settlement Commission. Related sections starts from Sec 245A. The scheme is available once in the life time for one assessee. Make the application in the name of only one family member at a time and keep others safe for future use....
12 June 2012
Sorry but this is the Most unethical question ever asked on public forum.
One should Pay Tax on it, and I request members and experts not to answer such triks publically on such a public forum.
One should Pay Tax on it, and I request members and experts not to answer such triks publically on such a public forum.
15 June 2012
Having black money is itself violation of law .how can it be turn in to white without violation of law?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- RCM INVOICING FROM NOV-2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Should I report my US salary for January, February, March in Schedule FA?
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
