At different times, the government has brought forward several schemes and asked the people to declare their wealth. Madhu Dandavate, the then Deputy Chairman of the Planning Commission recently quoting an unofficial estimate, disclosed that black money worth Rs 80, crore was in circulation in the country.
This amount goes into the pocket of the dealer without payment of any tax this amount taken together runs into hundreds of crores of rupees every year. But the people are, at times, cleverer, than the Government.
The problem of black money has been prevalent in our country since long. As being unaccounted money, black money is not declared for tax purposes. It must be clear to all that the nation cannot shut her eyes to this state of affairs.
The government has introduced the system of Value Added Tax VAT whereby the sellers of goods are taxed for the value added.
Introduction of Black Money in India 2. While this step helped in eliminating black money to some extent many people condemned it. Concentration of black incomes in the hands of businessmen and capitalists increases conspicuous consumption which have a demonstration effect on all classes of people.
This resulted in huge tax evasion by individuals and business communities. Thus the entire social structure comes to be badly polluted. It affects the financial system of the country.
It is not just cash stashed at hidden places in the house or in benami accounts. Demonetization — A Step to Eradicate Black Money Recently, the Modi government took a major step to eradicate the problem of black money. Effects of Black Money The after effects of black money in our economy is manifold and have serious consequences.
Had there been a sincere attempt to control the generation of black money in the country by the Government, bureaucrats, tax administrators etc. There are innumerable methods in which black money forms and daily several newer methods crop up. The smugglers have millions of rupees as black money.
They use this money for corrupting and demoralizing social and political life.
In spite of agricultural sector offering a safe shelter to concealed incomes, the sector continues to remain outside the tax net due to lake of political will to reverse the system. There are a number of causes of accumulation of black money. The issue of black money is prevalent in India and the government has come up with stern measures to deal with it lately.Black money, also described as tainted money, has seeped into every walk of life and is posing a great threat to the stability of our real economy.
The most unfortunate aspect is that it has come to be accepted as normal fact of life. Nov 28, · Essay on black money in punjabi. 5 stars based on 85 reviews palmolive2day.com Essay. Conclusion sentence starters for essays on the great rube goldberg project essay instructions on writing a college essay hel jon fosse essay polyoxovanadate synthesis essay universalismus partikularismus beispiel essay des arguments pour et contre.
Feb 20, · Essay on black money in India information, a short speech, paragraph and article, causes and effects of black money India, solutions to fight black money and corruption, footprint, fight against black money, evil, remedy, for class 6,7,8,9,10 in /5(8).
Essay On Black Money. Black money is hot topic of common debate in the country now. This article explains in easily understandable way the various aspects of black money, starting with defining black money, generation of black money.
Money is the medium of transaction in the present civilized societies. It is present today in two forms apparent and hidden.
In its first form it is legal and it is open for taxation. In the second form it is illegal and is not exposed for taxation. The black money is the result of the [ ]. THE TAINTED WEALTH IN THE COUNTRY.
OR. IMPACT OF BLACK MONEY ON INDIAN ECONOMY Illegally earned money is called black money. It is the result of hoarding, smuggling, tax evasion and dealing in immovable property for which the consideration is paid in black.Download