Tax department can slap on black money holders by Penalties, prosecution Prepare to face the following penalties and prosecution if the Income Tax department finds out that you have black money i.e. unaccounted money. If you deposit large sums of cash in your bank account the tax department is likely to send you a notice […]
Tag Archives: Black Money
Black Money is not really black but the ownership of this money is not from reliable sources so it is called “Black Money”
Depositing black money? Ready for income tax notices Black money refers to the sum that you own which is unaccounted i.e. which you have not declared to the income tax department as having earned or received. In simple words, the amount on which tax was payable to the government as per the income tax laws, […]
Black Money – Generation and avoidation Black money means to create funds by non payment of income taxes by way of : – 1. filing income tax return by showing low income . 2. Money earned through bribes and corruption by government employees,officer and politicians. 3. Commission earned through arranging government deals and purchase.