Question

Explain the term black money

Answer 1

Answer:

In India, black money is funds earned on the black market, on which income and other taxes have not been paid. Also, the unaccounted money that is concealed from the tax administrator is called black money. The total amount of black money deposited in foreign banks by Indians is unknown.

HOPE IT HELPS ☺

Answer 2

Black money includes all funds earned through illegal activity and otherwise legal income that is not recorded for tax purposes. Black money proceeds are usually received in cash from underground economic activity and, as such, are not taxed.