Before we proceed further, what exactly is black money? Black money in India is the unaccounted wealth that is the result of tax evasion. This unaccounted wealth is not reported to the tax authorities. It is the result of money earned through illegal means such as bribes, illegal trade, and sale of illegal goods. This money is not taxable and is kept out of the tax net. It is the difference between taxable and untaxable income. Resources: The above blog post was written by me, just for you. I hope you liked it. Do check out my blog at http://thesafestplug.blogspot.com for more articles. Subscribe to the RSS feed to get updates directly to your inbox.
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We all are aware of the huge gap between the rich and the poor. This gap is getting wider day by day and the solution to the problem remains a myth. The poor of this country are fighting against this problem with every inch of their life. For them to become successful and reach the destinations they dream of they need to do something about two factors which are of great importance for them. The first one is education and the second one is employment.. Read more about essay on black money in 100 words and let us know what you think.
Black money is money that has been acquired via unethical or unlawful means. We may also refer to black money as income that is not earned fairly and with honesty, and that is kept hidden in order to avoid paying taxes.
It is termed black since there is no tax to pay on this money and it is earned tax-free and in an unlawful manner. In India, there is a big issue with black money.
This process of black money is occurring at a higher rate in the nation, with more illicit money than legal money.
The primary source of corruption is black money, which has resulted in a significant loss in the country’s economy.
Black money has created problems in India. There has been a significant loss of market share in the economy as a result of black money.
Black money is defined as a mix of power and money; this statement is accurate in that it refers to the acquisition of fresh money via unlawful means, such as the black market.
In India, people mostly like to earn money through easy ways, so they tend on Black Money as a very easy way of earning money faster. This causes the problem of corruption in a society.
People who have power do black money, while others who do not have authority and are opposed to black money are bribed by those who do unlawful activities.
Corruption is usually used by well-known large individuals to get their job done quickly. They began to practice corruption in the nation, lowering the country’s productivity and economic values as a result.
The Origins of Black Money
The primary cause and source of black money is that people donate money to conduct any type of government business and to have their job done quickly. They pay individuals commission to accomplish this task.
The job that is not done lawfully, so that these individuals may perform their illicit activity simply, they pay a commission. As a result, their job may be completed in a matter of minutes using this unlawful method.
These individuals are unconcerned with government rules and laws. Along with this, the primary source of black money is the failure to properly pay taxes.
Many well-known individuals fail to pay their taxes on time and instead conceal their money.
These individuals make a lot of money and have a lot of taxes to pay, but instead of paying them, they conceal the money, which leads to corruption.
These individuals in India are breaking their own country’s laws by doing so.
As a result, the usage of illicit or black money should come to an end, and all effort should be done lawfully for the country’s growth.
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