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Black money
I have received Rs 50000 as my income from a person through bank I have not entered in my books is that a black money.
Replies (3)
Black money is nothing but the money which is not disclosed for taxation purpose.
it is routed via Banking channel .. . it can NOT be said as Black Money
However , at the time of assessment / dept. audit / - you will have to explained such incomes if not disclosed earlier .
Disclosure means disclosure to it department right?when to disclose to it department and in what form
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