What is government black money?
What is government black money?
1 : coins issued as silver but containing a high alloy of base metal. 2 : income (as from a black market or from gambling) that is not reported to the government for tax purposes.
What is the difference between black money and white money?
Black money is hidden from government authorities and is not reflected in the GDP of India, national income, etc. White money is money that is earned through legitimate means and is accounted for, for which income or other tax is paid.
What are the two sources of black money?
Informal Sector and Cash Economy: Cash transactions, large un-banked and under-banked areas contribute to the large cash economy in India. 7. Trade-based Money Laundering (TBML): Disguising the proceeds of crime and moving value through the use of trade transactions in an attempt at legitimizing their illicit origins.
What is black money Wikipedia?
Black money is income earned surreptitiously or illegally, usually in cash, and not reported to the government so as to avoid paying taxes on it. Black money may also refer to: Black Money, a novel by Ross Macdonald.
What is black money and its causes?
The increase in prices of commodities like petrol, etc., in international market, increase in prices of commodities due to high increase in duties and taxes imposed by the government, conspicuous consumption indulged in by people with unaccounted money, diverting resources from production to speculation—all these cause …
How many types of black money are there?
That is, black money can come from two broad categories: illegal activity and legal but unreported activity. The first category is the more obvious of the two. Money that is earned through illegal activity is obviously not reported to the tax authorities, and so is black.
What is the other name of black money?
What is another word for black money?
| dirty money | black market income |
|---|---|
| blood money | criminal proceeds |
| illegal gains | illegal income |
| ill-gotten gains | tainted money |
| tainted wealth |
What is black money Act 2005?
An Act to make provisions to deal with the problem of the Black money that is undisclosed foreign income and assets, the procedure for dealing with such income and assets and to provide for imposition of tax on any undisclosed foreign income and asset held outside India and for matters connected therewith or incidental …
What is black money class 10?
Black Money is the money on which income tax is not paid. This money is earned through corrupt practices and not declared fearing legal action. Black money is collected by corrupt officials, politicians, businessmen, criminals, smugglers and any other individual trying to evade taxation.