CA Prakash (Chartered Accountant) (475 Points)
28 August 2015What is Black Money? How does the black money get generated? How is it converted? or What are the avenues for spending black money. These are some of the questions asked by the tax payer. [click to continue]
Read More : How black money is converted into white money
Udgam Koomar
(Tax Technologist)
(1949 Points)
Replied 28 August 2015
Interesting article. Govt knows all this and may be some are incolve also but if they put a break on these by implementing laws, their own life and their financers and other busineman life will be fixed hence its a hand in glove arrangement and nothing actually happens in ground.
S. Shiroor
(Others)
(1207 Points)
Replied 28 August 2015
Financial system where importance of currency is nil will be zero corruption system.
But beware you need to buy Rs5 eraser or Rs10 Cilantro/chilli/lemon by this method only.
Every purchase need to by mobile banking /net banking .
Even if somebody pay for inflated bills and try to get cash from the taker it is not possible.
Arif Ali
(Apt Co Advisory)
(1230 Points)
Replied 29 August 2015
CA Prakash
(Chartered Accountant)
(475 Points)
Replied 02 September 2015
| Originally posted by : Arif Ali | ||
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Black money is which not recorded in your books of account . Eg if u sale a house for Rs 1cr but u show only 50 lac in sale deed so that to pay stamp duty only on 50 lac. So thus u hv received 50 lac black money. Earlier there was various way to convert black money into white by creating a pvt ltd company & purchasing its shares etc. But now not possible. However now only few remedies available. |
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Thanks for your comment
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