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Black Money

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(Querist)
26 May 2009 What is meaning of Black Money and why and for what it is used for?
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Deepak Goel

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Deepak Goel (Expert)
27 May 2009 Which amount has not been declared that amount called black money
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CA PARVEEN GAMBHIR

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CA PARVEEN GAMBHIR (Expert)
27 May 2009 It also called unaccounted/not declared money on which normally tax is not paid. e.g. a person sells his house for 5 crore but for the purposes of income tax and stamp duty declares the sale value as Rs. 3 crore only. The transaction of rs.2 crore will be unaccounted/not declared thus treated as black money.
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