Black money is a term used to refer to the amount of money that is not declared in one’s income tax returns, which is often kept illegally. This article discusses how black money has been an issue for India since the British Raj and what are some of the reasons behind it.
Black money is a term that refers to the illegal or illegitimate acquisition of wealth. It is often used in reference to cash, which is earned illegally and kept hidden from the tax authorities.
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.
People in India want to make money in simple methods, therefore they turn to black money as a quick and easy way to make money. This leads to a society’s corruption issue.
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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The top 10 countries with black money 2023 is an essay that will help students understand the issue of black money in India.
Frequently Asked Questions
What is black money essay?
Black money is a term used to describe currency that is not declared as coming from a crime.
What is black money in simple words?
Black money is cash that is not declared to the government. It is a term used in India and other countries where the government may be able to confiscate it if they find out about it.
Who wrote the black money and black economy essay?
The author of the essay is unknown.
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