Full Answer
How can I convert black money to white money?
Popular method people use to convert black money to white is by showing bogus loan entry. Modus operandi under this case will be people give black money to friend or relative and take a cheque from them. This is kind of bogus loan entry to convert black money to white. In some cases people give repayment of this loan by giving back cheque.
What is the difference between white money and black money?
The bearer of black money give the specified sum of black money to a relative or friend that has white money and in turn takes the check of that amount. The black money holder show this transaction as loan taken from that person for a specified amount for a certain time period in their books.
What should the government do to curb black money?
I think, If the govt. is really keen on curbing these practices & converting all Black Money to white overnight is.. discontinue the Currency (Rs. Notes coins) & convert all the currency to a different denomination or atleast some different design, by this way every person shall have to exchange their notes with Bankers..
Why all black money is invested in property?
that is the reason why all black money is invested in property by diamond,gold merchants and politicians. during 2006 to 2007 property prices escalated take an example an agricultural land from which income earned by cultivation of crop is Rs, 50000 p.a is sold for 25 lakhs to 1 crore. huge black money is converted white due to price escalation.
How do you turn black into white?
10 Method to Convert Black Money to White#1 Bogus Loan Entry. ... #2 Formulation of Trust & doing Charity. ... #3 Showing Income as Agriculture Income. ... #4 Showing Cash Income from Profession. ... #5 Sale of personal belonging like Jewelry. ... #6 Converting Black money by Investment. ... #7 Getting Black money as gift.More items...•
How can I white my money?
CASE 1: Go to a Jeweler. Give him the amount you want to convert your cash into white. he would give you a cheque back for the same amount less 4%. He would give you a purchase bill to show that you have sold silver utensils to him.
How can I reduce black money?
The government has come up with a Gold Amnesty scheme to prevent black money in this asset. This is similar to Voluntary Income Disclosure scheme to tap black money in income taxes. Again any cash transaction above Rs 2 lakh demands PAN number. So any large cash deal won't be able to generate black money.
Who controls black money?
The black money is accumulated by the criminals, smugglers, hoarders, tax-evaders and other individuals opposed to theft. Around ₹22,000 crores are supposed to have been accumulated by the criminals for vested interests, though writ petitions in the supreme court estimate this to be even larger, at ₹900 lakh crores.
Who made my money white?
Sree IyerWho painted my money white? / AuthorAn inventor and out-of-the-box thinker, Sree Iyer has 37 patents in the areas of Hardware, Software, Encryption and Systems. His latest passion is in writing about all matters related to Money. NDTV Frauds is his first book. Google Books
Can I deposit black money in bank?
Notice under Section 142(1) – As per this notice, any individual depositing black money will be asked to present his/her Income Tax Returns within the notice period, which is generally 15 days. The Assessing Officer may ask him/her to display the accounts book, some other documents and details.
How do I report black money?
Anyone can now file a Tax Evasion Petition on the e-filing website of the Department https://www.incometaxindiaefiling.gov.in/ under the head “File complaint of tax evasion/undisclosed foreign asset/ benami property."
How much black money did Modi recover?
Of the notes worth Rs 15.41 lakh crore that were invalidated, notes worth Rs 15.31 lakh crore returned. In February, 2019, then finance minister Piyush Goyal told Parliament that Rs 1.3 lakh crore in black money had been recovered through various anti-black money measures, including demonetisation.
Is black money illegal?
On the other hand, black money can reduce the negative impact of oppressive laws. Black money can be illegally disguised as legitimate money through money laundering.
Which state has most black money in India?
The officers said while Hyderabad topped the list with Rs 13,000 crore, Mumbai and Delhi received disclosures worth over Rs 8,000 crore each. Andhra Pradesh and Telangana saw declarations worth close to Rs 19,000 crore, approximately 30 per cent of the disclosures under the s, the officers said.
How do you hide money from the government?
0:018:28How to Legally Hide Money from the Government - YouTubeYouTubeStart of suggested clipEnd of suggested clipThink one of the easiest. Ways. And it look it's easy if you think about this from a common senseMoreThink one of the easiest. Ways. And it look it's easy if you think about this from a common sense why in the world is. The biggest deduction that's available to the taxpayer.
Can black money be invested in Bitcoin?
In India, the Reserve Bank of India (RBI) has already expressed its discomfort towards virtual currencies including Bitcoins and has denied permission to any exchange of Bitcoins for payments and settlements in India. The central bank has also cautioned against risks associated with owning a Bitcoin and trading in it.
What can you do with black money?
What you can do is to show your black money under the name of income received from addition source of earning whose payment is made in cash. They could show income received from renting out a space, income received from giving yoga training, or writing for some local news, etc.
How long do black money stocks last?
The stocks will be retained for a period of one year and after that as the stock prices goes up, the black money holding investor begin to sell their shares and earn huge returns while the investors that invested their white money bears huge losses that happens only on the displayed screen but not in reality.
What happens to black money holders?
What happens is the black money holders themselves formulate the bench of trustees of a particular trust that they have opened for advancing some social causes. The executive bench works for the black money bearer. The black money is donated as a charity and the black money automatically gets converted into white money. 4.
How much percentage does a jeweler give back?
The jeweler accepts the money and give back the check of same amount by cutting some percentage say 4-5%. In order to make the transaction look white, the jeweler also provide the invoice of sales made of jewelry, specifying the amount of sale transaction.
