Black money
Abhishek Selvam O (374 Points)
04 April 2020
I have received Rs 50000 as my income from a person through bank I have not entered in my books is that a black money.
3 Replies
rama krishnan
(12239 Points)
Replied 05 April 2020
Black money is nothing but the money which is not disclosed for taxation purpose.
CA Naveen Chand
(Chartered Accountant)
(12729 Points)
Replied 05 April 2020
it is routed via Banking channel .. . it can NOT be said as Black Money
However , at the time of assessment / dept. audit / - you will have to explained such incomes if not disclosed earlier .
Abhishek Selvam O
(374 Points)
Replied 05 April 2020
Disclosure means disclosure to it department right?when to disclose to it department and in what form
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