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Advantages And Disadvantages Of Unearth Black Money

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towards expenditure for setting up and functioning of the SPV for a three-year period after incorporation.

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Suggestions to unearth black money
A. AREA/INDUSTRY WISE SUGGESTIONS
The consumer markets and the real estate sector emerge as the top sectors that witness the generation of black money in India. Suggestions to tackle the challenges of unearthing black money in each of these sectors are as follows:
1. Consumer Markets/Jewelry

A majority of the Indian consumer market is unorganized due to the presence of small businesses which largely deal in cash, both, when buying products and selling them. While FMCG companies issue invoices to such businesses …show more content…

Irrespective of the reported value of the property a fixed component has to be paid to civic authorities, while the variable component will be dependent on the current market prices of the property. The market price of a property will be determined by an independent government approved agency. The value of the property reported by the agency will form the basis for calculating the taxes and charges to be paid by the buyer.
Such a practice will render buyers and sellers incapable of underreporting the transaction price. As a result taxes will be paid in full. This will significantly reduce use of cash in real estate transactions. A simplified tax regime applicable to the real estate sector will also enable authorities to better detect instances of avoidance.
The Real Estate Regulation Bill is a step in the direction to make the process of approvals transparent and automated which will also reduce the scope for generation of black money. …show more content…

There are millions of businessman’s who earn money, which is taxable, but they don’t declare their actual income and don’t pay tax honestly.
Please remember that we have to realize our moral responsibility of contributing in building our nation. Don’t contribute to black money, contribute to nation. Pay your tax honestly.

(2) Say no to corruption :-
Corruption is now part of life; most of black money generation takes place due to corruption. Time has come to change our tendency towards corruption. We all must say no to corruption. Most of people offer bribe for getting work done quickly. Some simple examples are giving bribery to police, when you break traffic rule or to RTO officer for getting driving license quickly. At each and every stage people are getting corrupt because of we allow them to do so.
Let’s say no to corruption to prevent generation of black money.

(3) Say no to cash

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