Question

what is black money and how is it Produced ​

Answer 1

Answer:

In its simplest form, black money is money on which tax is not paid to the government. Suppose a store accepts cash for its merchandise and does not issue receipts to its customers. That store is transacting in black money, as it would not pay tax on the unrecorded sales. As another example, consider a property buyer who purchases land valued at $200,000. If the buyer only reports $50,000 on the books and pays $150,000 under the table, then there is a black money transaction worth $150,000. The sellers in both examples have earned money from legal sources but evaded taxes.

Explanation:

The Black Money law was passed to overcome the limitations in existing statutes like the Income tax Act, and tax undisclosed funds parked in foreign bank accounts and often held through discretionary trusts

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Answer 2

Answer:

black money is the money on which tax is not paid to the government . in both examples have earned money from legal sources but evaded tax the most important source of black money is black market or underground market

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