Advertisements
Advertisements
Question
What is meant by black money?
Short Note
Solution
Black money is funds earned on the black market on which income and other taxes have not been paid. The unaccounted money that is concealed from the tax administrator is called black money.
shaalaa.com
Black Money
Is there an error in this question or solution?
APPEARS IN
RELATED QUESTIONS
What are identified as causes of black money?
The unaccounted money that is concealed from the tax administrator is called ______.
What is black money? Write the causes of black money
______ is one of the major sources of black money.
______ has been the major contributor to black money.
Choose the correct statement
- Black money refers to the unaccounted money.
- Taxation should be used as an instrument for controlling inflation.
- Taxpayer does not expect any direct benefit from direct taxes.
- Unreported income is a form of tax evasion.
Choose the correct statement
- Foreign Account Tax Compliance Act is a recent legislation to curb black money in India.
- Tax evasion is the illegal way of evading taxes by individuals only.
- Overstating deduction is a form of generating black money.
- Tax evasion penalties can be harsh depending on the severity of the crime.
What are the recent legislative measures to curb black money in India?
