In India, the extent of black money is quite significant. This parallel or black economy started to operate during the Second World War when the country had to experience a serious shortages in essential items and the Government resorted to system of controls and rationing of these items. english paper help for today news Today, perhaps there are more black goods, black gold, unaccounted collections of precious stones, more decorated and elegant homes than black currency.
You may also like. There is a growing tendency of funding of political parties with the help of black money through underhand means. design technology coursework ks1 castles Conspicuous consumption is possible with taxable income. Wanchoo Committee again estimated the amount of black money at Rs crore in , which was about 4. Most of it is stored in Swiss banks.
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In order to contain the growth of black money, the link between black money and political forces should be broken. Existence of black money results expansion of service organisation for its protection composed of brokers, touts, musclemen on the one side and a group of income tax practitioners, chartered accountants and liaison officers on the other side to establish a black money culture or an evil network within the economy. This type of economy has political, commercial, legal, industrial, social and ethical aspects.
One must need to hide this black money, and use in the underground economy. You may also like. This small step of yours can lead to a big change. Hope that this information will be helpful for me. Thank you very much again, have a nice day.
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These problems are somehow correlated with each other. I like to thank principal madam for allowing me to speak on this topic. professional writing services rates award pay At one time, the marginal rate of income tax was set as high as Black money creates a lot of problems in Indian society like bribery, corruption , terrorist activity funding and much more. Despite economic reforms bringing in their wake a simplified taxation structure, unaccounted money in the economy has risen sharply.
This makes a big impact on the development of the country, as money collected in form of tax is used for development of the country. Concentration of black incomes in the hands of businessmen and capitalists increases conspicuous consumption which have a demonstration effect on all classes of people. buy essay writing uiic exam Simply preaching against the unethical character of black money, without corresponding steps to remove the motivations to make it, will be just waste of time threats and warnings to the holders of black money will only result in further inflation.
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In order to understand the impact of black economy, it is quite important to estimate the extent of black income over a definite time period. Black income has been resulting in underestimation of GDP in India as a huge volume of income is diverted to this unaccounted sector resulting in increasing existence of parallel economy of the country. The Budget has also introduced a new scheme where undisclosed income detected as a result of search shall be assessed separately at a flat rate of 60 per cent. Indeed, prevailing inflation would be in some measure, ascribable to the currency released under compulsions of fear of impending measure, even as in major part, it is due to the vastly enhanced money supply by the exchequer. Let me start by telling you that there is a lot of politics going on around the black money and corruption.
In order to make the taxes more productive, the Government has been reducing the peak rate of personal income tax from So, now we have little bit idea about black money and the problem caused by it. Higher rates of taxes has resulted in a growing tendency of tax evasion among the tax payers.
You must have seen your parents bribing district authority for getting some certificate, or giving money to jump the line in the temple. Most of it is stored in Swiss banks. This was one of the most important and critical decisions made by Narendra Modi to curb corruption and the black money from India.