Conversion of black money in white money
This query is : Resolved
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
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
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
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
10 June 2012
Everything is possible but.....
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.
One may save tax by proper tax planning but cant convert black money into white money.
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....
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.
One should Pay Tax on it, and I request members and experts not to answer such triks publically on such a public forum.
15 June 2012
Having black money is itself violation of law .how can it be turn in to white without violation of law?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITDS U/S.194T of Firm
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Unregistered suppliers utility
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Difference between Date of Payment and Date of Deduction?
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- Cash balance limit and property purchases limit
- Can we choose not to report losses in ITR3 if they cannot be carried forward?
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- Non-Compliance documents have not been submitted by the contractors debited
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
