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Oct 30, 2020 · Black money is income that is not reported to the government and is often used for illegal or underground activities. Learn how black money affects the economy, society, and the law, and how it can be laundered or hidden.
- Will Kenton
In India, black money is funds earned on the black market, on which income and other taxes have not been paid. Also, the unaccounted money that is concealed from the tax administrator is called black money. The black money is accumulated by the criminals, smugglers, and tax-evaders.
An income which is not declared by a person or a group of persons in a nation is termed as black money. It is also termed as ‘illegitimate’ as it goes unrecognized for the tax declaration. It is a huge social and economic issue for India, hence important for the IAS Exam. The topic, ‘Black Money’ will come under UPSC GS-III (Indian Economy.)
Dec 15, 2021 · Learn about the meaning, causes and effects of black money in India and the government's efforts to tackle it. Find out the latest updates on the Panama and Paradise Paper Leaks and the international cooperation on tax information exchange.
Mar 11, 2021 · Black Money (Undisclosed Foreign Income and Assets) And Imposition of Tax Act, 2015, in short, Black Money Act (BMA) came into force from 01.04.2016 which seeks to tax Undisclosed Foreign Asset and Undisclosed Foreign Income at the rate of 30% alongwith Penalty at the rate of 90% apart from Interest and Prosecution on the Assessee.
Jun 29, 2019 · The simplest definition of black money could possibly be money that is hidden from tax authorities. That is, black money can come from two broad categories: illegal activity and legal...
Mar 25, 2022 · Black money is the revenue from illegal or unrecorded activities that is not taxed or legitimate. Learn how black money is generated, converted, and affects the Indian economy and society.
