Tax calculation for black money – Demonetization of Rs 500 and Rs 1000 notes is one of the best decisions made by Modi government. This decision has created havoc. Everyone is rushing towards bank to exchange or deposit old high denomination notes. If you have a black money and if you are planning deposit black money, be ready to pay 200% penalty. The news of 200% penalty is shocking. After hearing this news many people are worried that how much […]
India takes historic step to fight corruption, black money, and counterfeit currency. From 8th November 2016 midnight old Rs.500 and Rs.1000 notes will no longer be valid. New Rs.500 and Rs.2000 notes will be issued from 10th November 2016. It is very bold and decisive step taken by Shri Narendra Modi to fight against black money. Those who have not declared their illegal income in Income declaration scheme or those who are not paying income tax honestly are in real […]
One reader recently posted a comment on the blog asking- He has 1 Cr black money. How to convert it to white? I simply answer him that fastest way to convert this money into white is declaring it and paying tax on it. I am sure that he must be cursing me. However, it is known fact that Tax Evasion, Tax Avoidance, and black money are very common in India. Now, guess how many people actually pay Income Tax in […]
As per RBI hawala operator and money launderers can misuse Jan Dhan Yojana for Hawala & Black Money. Hawala operators can split big amount and using several bank accounts they can operate Hawala network. RBI issues caution to banks in this regard. What is Pradhanmantri Jan Dhan Yojana? Jan Dhan Yojana was launched by Prime Minister Shri. Narendra Modi on 15th Aug, 2014. Prime Intention behind this yojana was to open bank account for every Indians. Several crores of accounts […]
Converting black money to white is very common today. People use all illegal method to convert black money to white. This article is written to expose ways which people use to convert black money to white. I no way encourage any taxpayers or anyone to use any of the below methods. 10 Method to Convert Black Money to White Bogus Loan Entry Popular method people use to convert black money to white is by showing bogus loan entry. Modus operandi […]