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Conversion of black money in white money (Income Tax)

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This query is : Resolved



( Author )
09 June 2012

hello experts,

I am discussing here very rare topic, if all of you think that this discussion can be done, so please continue to give participate, ----


Can any one tell me that how to convert black money in white money by using income tax planning not by voilation of income tax act.

example: If Mr. X has Rs. 100 lakh which is in between 6 years preceding the relevent assessment year and want to convert his most of the money in white.How can he do so..............


Thanks


Anand Dubey

( Expert )
10 June 2012

it can be converted if a scheme like VDIS will be introduced .

or

Provision of section 68 and 69 can be applied but in such case penalty clause will also attract.You have to be careful about it


VIKAS KUNDU

( Expert )
10 June 2012

Everything is possible but.....


CA Syed Raza Abbas Rizvi

( Expert )
11 June 2012

one may use section 68 and 69 but he may have to face legal actions under other acts. When there is no VDIS type scheme it is not possible.

One may save tax by proper tax planning but cant convert black money into white money.


CA Ghanshyam Joshi

( Expert )
11 June 2012

Please check the possibility for Application to Settlement Commission. Related sections starts from Sec 245A. The scheme is available once in the life time for one assessee. Make the application in the name of only one family member at a time and keep others safe for future use....


CA. RAGHAV GARG

( Expert )
12 June 2012

Sorry but this is the Most unethical question ever asked on public forum.

One should Pay Tax on it, and I request members and experts not to answer such triks publically on such a public forum.


Nilang

( Expert )
15 June 2012

Having black money is itself violation of law .how can it be turn in to white without violation of law?


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