The Article no ways encourage taxpayers to use any of the below methods. The Article is just to let people know about what others are doing to convert their Black Monet into white money currently in India. In addition to those mentioned below there are many other methods which people use to convert their black money into white money.
CASE 1: Go to a Jeweler. Give him the amount you want to convert your cash into white. he would give you a cheque back for the same amount less 4%. He would give you a purchase bill to show that you have sold silver utensils to him. On the amount of the cheque when you file your return you will have to pay no capital gain tax as Silver utensils are Personal effects and capital gain does not arise on sale of personal effects. There you go, the money is white now!!!
CASE 2: Conversion of Black Money to White Money with the application of Sec 51 of the Income tax act, 1961.
Mr. X : A Business man who wants to convert his black money to white.
Property: Cost of Acquisition: Rs. 10 Lacs.
Mr. Y: A Salaried person who wants to convert his white money to black may be because he has to make payment in black for the property purchased by him.
Mr. X enters into an agreement with Mr. Y for the sale of property for Rs. 150 lacs with a condition that advance money of Rs. 30 lacs shall be given by Mr. Y and balance shall be paid within 3 months else advance money shall be forfeited.
Modus Operandi: Mr. Y makes payment of Rs. 30 lacs to Mr. X by way of a cheque as the advance money and Mr. X in turns gives the black money to Mr. Y of the same amount. Now, Mr. Y intentionally fails to make balance payment within the due time and the amount is forfeited by Mr. X. In this manner black money of Mr. X is converted to white money.The money is white now!!!
CASE 3: Another popular way of converting black into white money is by getting a gift from a relative. For this modus operandi, the relative must possess white money. For example, you have some black money (say Rs. 10 lacs) which you want to convert into white. You can ask your relative to gift you Rs. 10 lacs by way of cheque and you will in turn transfer your black money to him/her. Here 56(2)(vii) is not attracted as gift is received from a relative.
CASE 4:- Converting black to white by way of cheque
People also give the black money to a person (say a family member or a friend) and take a cheque from them. They show that as a loan receipt and thus they can temporarily convert their black money into white.
Then they again give them a check as a repayment of loan and receive cash which converts white to black again, but during the time the loan is outstanding, they convert their black into white, but people who do this are not aware that Section 68 on loans is applicable and you will have to prove the creditworthiness as well as the genuineness of transactions to the IT Department or else the loan receipt will be treated as income from undisclosed sources.
CASE 5: Another popular way of converting black into white money is showing income in cash like tuition income or any other professional fees.Just pay the tax at normal rate and your money is white now!!!!
Also people make investment where it is allowed to invest in cash and where the maturity is tax free for example buying an insurance policy where you are not required to show all your premiums and the maturity is tax free. For example your insurance premium is 25000/- per annum and you can pay 6000 in cheque (shown in books) and remaining in cash, people increasing the proportion of premium paid in cash increasing as and pay entire premium in white for last two years before maturity. No ITO is going to check premium of more then last two years and it is a small example. People are paying huge cash premiums everyday. In case of this small premium, the cost of investigation exceeds the benefit to the exchequer so the ITO will give a test check for at the max last two years.
DISCLAIMER
- I don’t recommend readers to follow any of these steps. I just want them to be aware regarding these false practices.
- I encourage open discussion regarding this article but advices, opinions, suggestions which may land the opinion seekers into trouble later on are not encouraged.
- I trust that a tax planning should be done in such a way that it can stand the test of the legal battle of course subject to debates.
Please note Department has started 360 Degree Profiling and keeping a Vigil on our every Transaction which made it very difficult to hide any illegal Transaction and increased Penalty for Tax Evasion and also introduced stringent provisions which may even lead a Taxpayer in Jail for Tax Evasion. We strongly advice Taxpayers to Go for Legitimate Tax Planning instead of adopting any illegal Means of Tax Saving.
(Author Email – professionalsansaar2013@gmail.com)
Republished with Amendments
Author Bio
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i have simple idea those who want to convert the small amount of black money to white money in a legal manner and its work easily :-
simple first registered a company for the marketing and advertisement product then buy a product from the company who are giving a huge discount on there products ( some are in my knowledge ) and then show the sell of there product through your company with the extra margin .
example :-
suppose i have registered the company with abc group of marketing and now i m getting the product from the manufacturing company for the selling it in the market. e.g product is software in dvd rom for student which cost on the market is 3500 rupees. from the company to whom i buying i paying only 200 rupee per product and after buying this product though my registered company i m selling this with 5000 rupees .
suppose i m buying 500 product so, 500*200 = 100000/- rupees. to be paid to the manufacturing company and the billed for 500 products.
there for ,
after selling mah product into market 500 *3500 = 1750000/- rupees i can able to get from these products and we can show as a total earning margin.
so total earning money in legal way 1750000–10000 = 1650000 rupees per month
note= no further tax need to be pay thus the product is educational and its sell to the education purpose and if suppose to be 10 % i have to pay the tax then still more than 1500000 lack i can be able to convert mah black money to white money in simple ways.
note :- i do have a this kinda of product in market which having a this much margin in there selling.
for more details if any one interested mail to me rimiterl@gmail.com
our clint want to convert black to white money what is your charges per lakh rupee
in gujarat, the situation is somewhat different. The party who has black money has taken commission from the person whoo possess white. Black possessor takes 7% commission from the white possessor. i.e., a person who has Rs 100 white and gives it to black possessor, then black possessor takes his Rs. 100 white and gives him black Rs. 93 in return. What is the reason behind it? Why white possessor wants to turn it into black
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The government is well aware of a parallel economy running robustly. In order to bring out the black money in to the mainstream all it has to do is to charge a 10% tax without asking any questions, I am sure crores of rupees will be converted to white.
Black money is generated because of the complex tax systems and high tax rates. In other words, government tax structures encourages one to evade tax and also punishes them for hoarding the money!
Politicians are themselves hoarders of black money ! After Modi Ji took over we are burdened with more taxes! Petrol prices are almost the same in spite of the fact that the per barrel rates internationally has drastically come down. It is middle class people who always suffer .
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The reason why more focus of govt. is on IDT is this! I think, If the govt. is really keen on curbing these practices & converting all Black Money to white overnight is.. discontinue the Currency (Rs. Notes coins) & convert all the currency to a different denomination or atleast some different design, by this way every person shall have to exchange their notes with Bankers.. AIR in place.. Every exchange exceeding 10lakhs shall get reported. Overnight Black to White, undisclosed income curbed.
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Ban all Cash Transactions in India. Digital money only is to be used in order to Curb Black money in India. Moreover all the practices mentioned in this article doesn’t seems to really work out. People who do these tax evasions in massive scale will definitely get caught and end up paying huge taxes and penalties.
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Method 2 has been already curbed in the recent budget amendments, now the advance money forfeited is chargeable under head IOS rather than deducting the same from COA.
one of my friend is having black money he wants that to be converted into white. i am running a maintenance agency monthly transaction of 4lac .so i just want to know how can we benefited.we are ready to pay your fee.
Tax evasion is widely discussed topics across the world
Even developed countries cannot check this
In India there is lack of co-ordination among different govt agencies
This is great source of income for intermediatory / entry operator/ consultants / income tax officials around this world.
This will remain there for ever and is necessary for this world
Just like law of equilibrium for every negative there is a positive factor similarly for every “white” there is a “black”
So discussion must go on
All the best !
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My friend has purchased land for 21 lakhs (black is 16 lakhs white is 5 lakhs). after 3 years he is selling for 27 lakhs (Black is 20 lakhs and white 7 lakhs). In the previous tax return purchase of asset is not to be declared, only sale of asset which results in a loss/profit needs to be declared in the current year.
Now he wants to know whether he can declare 27 lakhs as sale consideration or he has to report only white money in this case? Initially when he purchased he paid the white money for buying the land.
Please clarify?
To Goshan,
If you want to fix ur problems just let me know, because first you have to fix that you dont have any issues later because of your account who is using it instead of you. later it cause anything it come to you. or you have chance of changing that to white to safe your ways.
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Hey all,
If its all bullshit, then y still we are facing all the consequences for this country still. Everything its related to TAX. even the GOVT knows that its all about the paying the taxes in india.
Please let me know if there is a chance of converting black to white.
its an option for me to choose about this.
Dear Sir,
I am goshan from chennai, I have a question. My uncle business is fully cash oriented business , daily he will sale x amount of products and earning y amount of cash. the earning cash is very high per day for last 10 years. He is having cash black and he wants to use me. i am salaried account of rs.40000/ month. he is presssuring me dont put insurance, i will get you tax refund by using auditor techninques. without my knowledge he is putting 6 lakhs in my account as FD which is not my money. I am not interested and always asking signature in it forms. sir, please tell me how can i avoid this and what should i do. the point is he is able to give me refund from IT office. I enjoyed that money also. but personally i am not intersted and i want to avoid this, because i dont have knowledge about this. please help.
– See more at: https://taxguru.in/income-tax/must-have-components-in-your-salary-to-minimise-tax-burden-for-financial-year-2010-11.html#comment-1621909
If any body want o make it white just msg me transfer