conversion of black money into white

This query is : Resolved 

23 April 2009

suggest how to convert black money into white

CA CS CIMA* Prakash Somani (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

CA.ViVeK M ACA (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

taxindiaconnect (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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