Convert Black Money into White Money: “How to convert black money to white” is one of the top searches google nowadays. With PM Modi’s demonetization move, the masses are now searching for ways to convert their black money into white frantically.
Black money is basically the money that has not gone under the scrutiny of the tax department and somehow has been kept aloof from money being taxed. Corruption, the sale of goods without issuing an invoice for it, keeping excess money at home to avoid depositing it in banks are some of the ways through which black money is generated. The searches like -“How to Convert Black Money into White Money in India” are trending since many of the Indians have been evading tax and now with PM Modi’s move the black money hoarders wish to turn their black money into white.
Tax Exemptions as provided by Indian Law:
- Money received as a gift from relatives – The money received as a gift from relatives is exempted from tax. So if an individual has received a particular amount of money from relatives as a gift on any big occasion such as in daughter’s wedding, on birthdays, festival or as an assistance, that particular amount will be exempted from taxation.
- Agricultural Income too is exempted from tax. Any sale of agricultural commodities et cetera will not be taxed as given by Indian taxation law.
- Investment under Section 80C – As given under section 80C, investments made under PPF Account, Tax saving mutual fund, tax saving fixed deposit account or contribution to employee provident fund will be exempted from taxation.
- Interest on Education loan – Income tax exemption is provided under the law on the interest paid on the education loan under section 80E.
- Donations – Income tax deduction is provided as under section 80G, 80GGA, 80GGB, 80GGC. Donations made to the approved units are thus not taxed.
Readers are advised to abide by the law and pay income tax timely to help our country fight the havoc of black money.
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