black money

July 7, 2010 9:59pm CST
What is black money. Doctors work for their fee. Clerks or officials do the work of some one on cost of some money. we give gifts to some one in cost of some work. is it not black money, if yes,then why we call black money is bad.
1 response
• India
8 Jul 10
Hi, 'Black Money' is a term that is used to describe the amount of unaccounted money. That is if you are earning from some source and yet not paying tax for that, it falls under the 'black money' category. Clerks or officials get salaries for the job the provide. When they ask for bribe, be sure that this amount will be considered as black money. Doctors may work with a fee. But if a portion of it is undocumented, then that portion is surely the 'black money'. Small amount of black money is usually ignored by the income tax department. This is why the gifts are generally not considered as black money (even though it is, officially). But when there is a transfer of a huge amount of unaccounted money, the department may launch a probe, and then file a lawsuit against the guilty. Thanks. God bless you