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conversion of black money into white (Others)

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This query is : Resolved

( Querist )
23 April 2009

suggest how to convert black money into white

CA CS Prakash Somani (A helpin

( Expert )
23 April 2009

Interesting question.
Declare it to Income Tax and Pay tax on the same which is about @40%.
Rest you can have with you.


"Jo aaya vo paaya"

Manmohan ACA, CS

( Expert )
23 April 2009

You need to read various case law on money laundering, and grap the trick.
However if you want to go legally prakash is right


( Expert )
23 April 2009

The question is interesting, and the CA professional in practise in some cases doing the same.You should go to a good practising CA, There are many tricks for the same.

CMA KNVV Sri Vidya - Sri Kanth

( Expert )
23 April 2009

Interesting question

Agree with experts


( Expert )
01 May 2009

I think in Praksah's solution the penalties would also be applicable at least equal to amount of tax sought to be evaded. The transactions need to be planned in a better way to avoid the levy of penalty.



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