today we all are taking about black money and about to pay the tax on the income , here you will clear some facts about black money , like Is Keeping Black Money Illegal?, Banking System in India and Black Money. know about these fats and make clear your mind regarding to these fats .
What are the Top Tax Havens in the World?
According to the most recent list released by the Organization for Economic Cooperation and Development (OECD) some of the top countries that feature in the list of “Top Tax Havens” are:
- Cayman Islands
Is Keeping Black Money Illegal?
Yes, Absolutely Yes. Keeping Black Money and concealing income sources is TOTALLY ILLEGAL and if caught you will be Penalized Heavily. On top of the fines and penalties, you may be Jailed Too…
Banking System in India and Black Money
The Banking Regulations in India are very strict. In spite of this people find loopholes in our regulations and conceal black money. Anyways, some of the rules enforced by banks to stop people from stashing black money in banks:
1. All deposits greater than Rs. 50,000/- require a PAN Card. The details of the transactions will be shared with the IT Department
2. All deposits greater than Rs. 10 lakhs require a source of Income to be declared
3. All Accounts that have a balance of more than Rs. 50,000 (This limit changes frequently) and the details of the account holders are shared with the IT Department every quarter
4. TDS is deducted on your Fixed Deposit Interest and requires you to file your tax returns
In spite of all this, people are still able to convert their black money to white and do all illegal activities. Our Bank Officials and Chartered Accountants know all the loopholes in our Law and help rich folks get away with such activities.
Some Last Words:
The Salaried Middle-Class pays taxes promptly and has very little to 0 Black Money. Businessmen and Merchants who make a lot more money than the salaried middle-class have sneaky ways to avoid tax and end up amassing wealth which causes high inflation and economic divide. Unless the Government comes up with a blockbuster move like what Thalaivar Rajnikanth did in Sivaji move, this will continue.
At least, this move to force foreign Tax Havens to cooperate is a step in the right direction. Once people know foreign banks will share their asset info, they will try to conceal their wealth inside India and their chances of getting caught go-up significantly.
Lets hope for brighter or should I say Whiter days!!!