How to Convert Black Money Into White Money. Tips for How to Convert Black money to white money. After Ban of Rs 500 and Rs 1000 Note many people want to convert his black money in to white money. Recently Modi Govt Ban Rs 500 and Rs 100 Note and this is very good step taken by modi govt and many people are searching and call to CA’s for how to Convert Black money into white money, here we provide some tips for how you can convert your black money into white money.
Quick Links
How to Convert Black Money Into White Money
What is Black Money – First we Understand What is Black Money – Black money is tax evaded income. It can be earned through both legal and illegal means. The majority of the black money is the income received in cash not accounted in books and not revealed to the government for tax purposes. The Most Black money is available in real estate market.
How Black Money is Generated
Following are main sources of Black Money, Most Black Money is generated from following Sources – Corruption, Sale of property, Sale of goods without Invoice, Provide Services without invoice, Accounting for fictitious expenses etc.
Generating Black Money by Sale of property – Mr. Lakshit buys a property from Mr. Sanjay for a total sale value of Rs.30 Lakhs and He takes Rs. 20 Lakhs via cheque or DD and the balance in cash. He pays stamp duty on Rs.20 Lakhs and retain the remaining 10 Lakhs so Rs 10 Lakhs is considered as Black Money, He can not pay tax on Rs 10 Lakhs and This money is considered as black money..
How to Convert Black Money Into White Money
Modi Govt Give Chance to all Black Money Holders to convert His Black Money into White Money till 30th September 2016 and on that scheme, you will be required to pay only 45% Tax for Convert your black money into white money. Now This Scheme is not available and if IT Department find any black money then he impose 200% Penalty on your Income.
Currently, there are no way to Convert your Black Money into White Money, All Tips Available in the Internet are Fake, only 1 or 2 tips are available and by using those tips you my convert only some money from black into white. Check Some tips from below…
By Showing Agricultural Income – Agricultural Income is exempt from Income Tax. This means the money earned from the sale of paddy, pepper or wheat is exempt from tax. So, the people who earn black money will obtain a fictitious receipt from traders in agricultural commodities as if they have sold the products. For the sake of records, these people will acquire or show the proof of ancestral property in villages!
Depositing in banks less than Rs.200000 – This route is taken by small time operators. They open multiple bank accounts and deposit cash upto Rs.40000 at a time and repeat this procedure 5 times (Means Deposit Rs 40000 5 times). Remember, if you have to deposit over Rs.50000, you have to give PAN details to the banker. Mostly, these kind of petty transactions goes unnoticed by the income tax department and thus, black money is converted to white without paying any taxes.
Recommended Articles
- SBI Balance Enquiry Number
- ICICI Balance Enquiry Number
- Andhra Bank Balance Enquiry Number
- HDFC Balance Enquiry Number
- Karnataka Bank Balance Enquiry Number
- Axis Bank Balance Enquiry Number
- Federal Bank Balance Enquiry Number
- Canara Bank Balance Enquiry Number
- Zero balance savings account
- A Quick guide to credit card loans in India
