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What is Black Money?

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Question ajoutée par Majid Wangade , Senior Accountant , KANTOUR LIMITED COMPANY ( Real Estate, Construction and Asset Management )
Date de publication: 2016/12/08
Soliman Abd  ALmalak Gendy
par Soliman Abd ALmalak Gendy , مدير ادارة مراقبة حسابات , الجهاز المركزى للمحاسبات

Black money is illegal income, or funds earned on the black market on which income and other taxes have not been paid

Tomasz L
par Tomasz L , Reporting Specialist , Outworking

I agree with previous answers. Black money means money from all unregistered economic activity and illegal sources.

Abdullah Aziz Eldain Morsi  Elgendy -        CMA  Candidate
par Abdullah Aziz Eldain Morsi Elgendy - CMA Candidate , Regional Receivable Accountant , Amiantit Group of Companies

 this money comes from the underground economic activities  not covering  by tax  ,is result of stolen goods weapon trading,drugs ,it need to be used money  laundering ,

MOHAMMED ELATTAR
par MOHAMMED ELATTAR , مدير مالي , TAZWEED FOR AGRICULTURE CROPS

Black money is any money on which tax is not paid to the government. This is the universally agreed upon definition and most applicable to India. The process of transferring/moving this money is called laundering as opposed to 'transferring' because the money is essentially illegal and transfer/transaction has a positive connotation to them

Muhammad Kashif Khattak
par Muhammad Kashif Khattak , Audit Associate , NZAJ & Co. Chartered Accountants

Money that has illegal origin or the money which has been evaded for tax purposes .This could mean the proceed you hold out of a bank robbery , or ransom amount that you hold, proceeds from selling drugs and so on and so forth.The second bit seems a bit self explanatory it is the amount of money you hold and you should have disclosed to tax authorities in your tax returns but you deceptively failed to do so, as such you committed a crime and your such money becomes illegal.usually this latter one is assisted by the existence of the so called tax heavens. Many businesses today try to invest in these off shore tax heavens that holds the information on these investing corporations very restricted from their home countries authorities, and secondly these places have very low tax rates this makes these places very much attractive from tax perspective. hope fully this answers with the associated concept

حمادة فوزي جمعة عشماوي
par حمادة فوزي جمعة عشماوي , مراجع حسابات الشركة , مؤسسة عاج العربية للمقاولات والصيانة

Black money is the money of unknown origin come from any illegal ways and therefore Athsp the tax because it is anonymous and also Atdrj within the accounts properly and I are carried illegally to show the legitimacy of money

krishnamoorthy Achutham
par krishnamoorthy Achutham , DY Manager (Accounts) from April , DCW LIMITED,

Money earned in illegal business and which is not disclosed as income and tax evaded is called Black money.

Cheryl Mathias
par Cheryl Mathias , Team leader , Morgan Stanley Solutions india pvt ltd

Money that is earned illegally and on which tax is evaded and also which is not recorded in the books of accounts 

Frank Mwansa
par Frank Mwansa , ACCOUNTING LECTURER , FREELANCER

Thanks for invitation 

Black money is money earned illegally and is not normally taxed by the authorities.

olaide oluwatosin oloruntoyin
par olaide oluwatosin oloruntoyin , Logistics Team Lead - finance Associate , Noon logistics UAE

Black money refers proceeds from activities such as corruption,bribery , funds on which taxes have not been paid

manseer muhammed ali
par manseer muhammed ali , Accountant General , Royal Lighting L.L.C & Royal Furnishing LLC

Black money is money which is earned through any illegal activity controlled by country regulations. Black money proceeds are usually received in cash from underground economic activity and, as such, is not taxed. Recipients of black money must hide it, spend it only in the underground economy, or attempt to give it the appearance of legitimacy through money laundering.

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