Black Money in India

Very good morning friends.

Let us start with the discussion and topic is black money. We should remove corruption around us. First of all, it is our responsibility that we give our tax to help the government for developing country.

Thanks.

Illegal Income earned from black market is called black money. Such income is concealed from taxation. Since 2011 Indian media reported Rs 90 lac corer, also mentioned in the writ to the Supreme Court, is deposited as black money in tax haven countries like SW, UAE, Hong Kong.

Some of the main sources of black money are gold, land, and heavy money deposit aboard.

In the 2011 election, many political parties including BJP has written in its manifesto to bring back the Black Money in India.

As per the India media report, Indians hold the biggest share in Swiss banks however Swiss bank officials denied the Indian media reports.

Since 2016 after the Panama leak, many names have surfaced and the Indian government assured to take action against them.

However, to date, we have not seen any arrest in this connection. Neither any official data is released for the amount of black money. But as an Indian citizen, looking to the development of our country, and disproportionate income we can say yes Indian politicians, sportsperson, Bollywood stars, the business person do have black money.

We at our level can report the bribery cases and the slow working rate in official work.

We all know that in India all rich people becomes richer day by day because they do not pay taxes and they do illegal works to earn more money. They want more money and to become more richer then they do illegal works.

When rich person will pay taxes on correct time then he will also help poor person. The reason is that the extra money of rich people will be use by poor people then poor people becomes financially good and also all taxes will pay by rich people.

Black money is one who did not pay the tax correctly. Black money plays a major role to decrease the country development. Farmer is backbone of our country. But youth are the future of our nation. Every person should feel India is not ourcountry and it's a home and we are the family members. So, we have to develop our country to reduce these black money and corruption.

Develop some of the schemes to reduce the black money. Day by day poor man becomes very poor but rich man becomes richer because of incorrect tax payments.

In India, most of the persons are lower middle class. They paid the taxes correctly. Most of the persons in higher positions didn't pay their taxes, because they are richest and no one can handle them. So please find such people. Even we find 10percent people and to paid taxes correctly, then we will be in a higher position. On that time we proudly say India is a developed country.

* Earning money by the illegal way that is back money. Black money is example of corruption.

* Black money is a kind of illegal activities done by a corrupted person and is the way to gain money in unwanted works.

* The black money is accumulated by the criminals, smugglers, hoarders, tax-evaders and other anti-social elements of the society.

* Black money is the main problem of India. Which makes weak of the India.

* In my opinion, black money is basically rich people don't pay taxes on time and also hides a huge amount in their houses and also some people hide their money in foreign countries. The government don't get taxes on time so it increases the cost of needy things and poor people have to suffer.

* The root cause for the increasing rate of black money in the country is the lack of strict punishments for the offenders. The criminals pay bribes to the tax authorities to hide their corrupt activities.

* In my point of view, the main reason for black money is only a middle-class people paying tax properly but some rich people do not pay tax correctly that mean they keep money in their home or invest in out side country.

* So people have to submit their taxes on time so that no can suffer.

Black money is a kind of illegal activities done by corrupted person and is the way to gain money in unwanted works.

Yes, Of course, this black money should be banned and if anyone sees the exchange of money they have to immediately respond to government officers. Making one rule the black cooprated persons have to get serious or strict punishment. Because they are a victim of an increase in taxes.

The portion of a country's income that is tied to its black economy affects the economic growth of the country. Black economy constitutes a financial leakage since tax income from unreported earnings is not received by the government, thereby, serving as a loss of revenue to the government. In addition, since these funds rarely enter the banking system, economies are stifled, as money remains hidden that otherwise could be used by banks to stimulate the economy by funding small business owners and entrepreneurs. In addition, black money causes the financial health of a nation to be underestimated.

Thanks.

Black money is the main problem of India. Which makes weak of the India. It makes weak of India because many peoples of India keeled the illegal money so India is not repaying loan of other country.

In my opinion, black money is basically rich people don't pay taxes on time and also hides a huge amount in their houses and also some people hide their money in foreign countries. The government don't get taxes on time so it increases the cost of needy things and poor people have to suffer. The government need taxes for the repair of roads and streets and for development of India. So people have to submit their taxes on time so that no can suffer.