ENIGMA OF BLACK MONEY IN INDIA
ENIGMA OF BLACK MONEY IN INDIA Introduction: In the labyrinth of India's economic landscape, there exists a shadowy realm that eludes the scrutinizing eyes of taxation authorities and regulatory bodies - the realm of black money. Black money, often described as the undisclosed income that escapes the tax net, has entrenched itself deeply within the Indian economy, casting a veil of opacity over financial transactions and hindering the country's progress. In this blog, we delve into the intricacies of black money in India, exploring its origins, impacts and measures taken to combat this pervasive issue. Origins of Black Money: The genesis of black money in India can be traced back to various sources, including tax evasion, corruption, and illicit activities such as smuggling and money laundering. Tax evasion, facilitated by underreporting of income, inflated expenses and fraudulent accounting practices, remains a primary contributor to the burgeoning black economy. Moreover, t...