Black Money in India

According to me, the Indian economy grows faster because it gives transparency in the system. As the customer will know how much tax they are given in government of India but when the black money concpet come all the meaning of giving taxex is reduced.

Black money is that part of a person's income which he/she earns by not paying tax to the government. So, the black money is earned from legal sources but people don't want to part it as it is their hard earned money. Before demonetisation, in India there was another economy called parallel economy. People evaded taxes as much as possible and t was possible for them to do so because there were multiple taxes imposed. But after demonetization, a large amount of black money has come back to the government as people tried to get rid of the cash they holded by depositing it in bank. GST has made India one tax nation and all the procedures of filing IT return to paying taxes has become transparent. So, people cannot evade taxes. Thus, it can be said the quantum of black money has reduced but not completely cleaned.

There are a lot of black money in our country. But I want to ask some questions with government. Whose is black money. Are this poor man, farmers, employees and students. Everyone want to know about it. I would like to say that every leader and officer has black money. We are laborious Indian man. We don't have black money. And we don't know about black money, What is black money?

Due to our support only politicans are becoming illegal in our country. If politicians are corrupting our country, we simply watching. Not even any person ready to take stand because we only electing the person for every 5 years. How many passed India became only developing country. Without food so many people are servering but our Indian politicians are not ready to support our society they just need money not humanity. So, India has black money.

I agree, for the existence of black money there is a major contribution of politicians and big industrialists.

The central government gives money to them for development of undeveloped areas or areas which need to develop but this middle person i.e. politicians and their contractors grab a large amount of money for their sake. Remaining little bit is given to work to display the place like developed.

Later their grabbed money becomes their black money.

Black money reduce our economy rate and that's why until this is developing country.

Black money, a huge restrictor in the development of any country. It is the property which is earned by unfair means or illegal in the eyes of the government.

Black money has different faces, either in the form of gold, currency, foreign deposits, market shares or land. Some criteria are fixed for paying taxes inside the country but people do not follow it. Many businessmen hide their actual income in order to escape from taxes any keep their income as black money.

Corruption is also a big factor behind it. Recently, Panama papers leaked the big name whose black money is deposited in the Swiss bank.

In past years, the government has imposed GST and bring demonetization to take out black money and restrict it in India.

In our country the many political people also many industrialists have plenty of black money. The middle class and poor people were facing so many problems for this. Due to this black money, no development occurs in our country. Price of every product increased gradually cause they should not deposit their income tax at the proper time. So poor people's became poor and reach became get reach.

First of all, l would like to say that there were many people in India. 80% of people in the medium of the middle class and lowest class. So many reach people captured the money of the lowest class people and as well as they don't pay the income tax to the government.

Thank you.

Yes, black money is a most vital danger for Indian economy.