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How to convert black money into white

CA Prakash (Chartered Accountant) (475 Points)

28 August 2015

What is Black Money? How does the black money get generated? How is it converted? or What are the avenues for spending black money. These are some of the questions asked by the tax payer. [click to continue]

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5 Replies

Udgam Koomar (Tax Technologist) (1949 Points)
Replied 28 August 2015

Interesting article. Govt knows all this and may be some are incolve also but if they put a break on these by implementing laws, their own life and their financers and other busineman life will be fixed hence its a hand in glove arrangement and nothing actually happens in ground.

S. Shiroor (Others) (1207 Points)
Replied 28 August 2015

Financial system where importance of currency is nil will be zero corruption system.

But beware you need to buy Rs5 eraser or Rs10 Cilantro/chilli/lemon by this method only.

Every purchase need to by mobile banking /net banking .

Even if somebody pay for inflated bills and try to get cash from the taker it is not possible.

Arif Ali (Apt Co Advisory) (1230 Points)
Replied 29 August 2015

Black money is which not recorded in your books of account . Eg if u sale a house for Rs 1cr but u show only 50 lac in sale deed so that to pay stamp duty only on 50 lac. So thus u hv received 50 lac black money. Earlier there was various way to convert black money into white by creating a pvt ltd company & purchasing its shares etc. But now not possible. However now only few remedies available.

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ashish garg (student) (26 Points)
Replied 30 August 2015

What are those remedies

CA Prakash (Chartered Accountant) (475 Points)
Replied 02 September 2015

Originally posted by : Arif Ali
	Black money is which not recorded in your books of account . Eg if u sale a house for Rs 1cr but u show only 50 lac in sale deed so that to pay stamp duty only on 50 lac. So thus u hv received 50 lac black money. Earlier there was various way to convert black money into white by creating a pvt ltd company & purchasing its shares etc. But now not possible. However now only few remedies available.