Solutions for Black money problem How to fight, stop, eradicate black money and corruption. People who invade tax, launder money are from us only. The yearly income of these people ranges between Rs. The emphasis has been in the wrong direction.
Since the sale of property on lease hold is permitted by the government only at a payment of certain amount of premium to it, the lessee generally completes this transaction through the power of attorney so that they escape from paying the premium which is fixed on the basis of the difference between the current market price and the price fixed by the government.
Such favouritism and pick and choose for bribery and gratification is against the principles of democracy. Practice speech before friends or mirror You can use information from both sections for paragraph writing too.
It transpired that the demonetsation drive had nothing to do with black money. When one can not obtain a licence to undertake a legitimate activity, the transaction costs approach infinity, and create insurmountable incentives for unreported and unaccounted activities that will inevitably generate black money.
According several news reports, the probe against him has proceeded at an extremely slow pace and seems to have hit a dead end. But his problem is not that small to be solved within such small time frame. Bribe is one of the main source for generation of black money as this money is not disclosed to income tax office.
It is also said that in our country over crore rupees of black money is created every year. They disrupt national economy, evade payment of income tax and other taxes and cause a huge drain on foreign exchange.
It is a vicious circle. Mauritius and Singapore with their small economies cannot be the sources of such huge investments and it is apparent that the investments are routed through these jurisdictions for avoidance of taxes and for concealing the identities from the revenue authorities of the ultimate investors, many of whom could actually be Indian residents, who have invested in their own companies.
It will affect the credibility of our country. Gold and other precious metals are liquid; therefore people consider them as a long-term investment. Some of the negative impacts are listed below. The cost of these goods is so high that dealing in them makes billions of rupees.
Similarly, NGOs are another source which receives very high amount of black money. Corruption and tax avoidance must be dealt with a heavy hand so that the dues to the government reach it and are utilized for the benefit of the society. Reforming the sectors generating large tranches of black money viz for Real Estate tax to be deducted at source and incentivising payment made electronically.
Using all that data the tax authorities will pursue the balck money hoarders. Black-money results in the functioning of a parallel economy in the country.
In order to tackle the menace of black money, countries world over and India in particular have enacted legislations.
Supportive measures which includes creating effective awareness programmes, effective audit systems, greater accountability and coordination at the international level. Black money is not fake notes! In order to show inflated profits such methods are employed as inflating sales, suppressing purchases, writing off inadequate depreciation, providing inadequate provision for bad debts, etc.An Essay on Black Money in India for Students, Youth and Kids Black Money is an unaccounted money, may be acquired illegally or means of illegal ways.
The black money is hidden in various forms such as, bonds, securities, shares, benami accounts, cash amounts, and other forms of wealth.
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, words in simple English language/5(8).
impacts of black money in india * Affecting the GDP Growth: Gross domestic product (GDP) is the market value of all officially recognized final goods and services produced within a country in a given period.
Black Money Essay – 3 ( words) Introduction. Black Money is one of the major problems being face by our country these days. This is one of the reasons behind the economic disparity that in turn causes social inequality which is the root cause of several problems in the country.
The Menace of Black Money in India – Essay on Black Money Black money is the unaccounted money in the economy. Its accumulation is a result of the evasion of taxes like income tax, sales tax, custom duties, wealth tax etc. Black money can also be generated, through the sale of fixed assets and the sale of scrap as fixed assets can.
Essay on Black Money We are observing huge transformation in the face of India. With the concepts of Digital India and Make in India, it has already shown its potential to the competing nations.Download