Black money refers to money that is not fully legitimately the property of the 'owner'. A white paper on black money in India by the Government of India suggests two possible sources of black money in India. The first includes activities not permitted by the law, such as crime, drug trade, terrorism, and corruption, all of which are illegal in India. The second, more likely source is that the wealth may have been generated through a lawful activity but accumulated by failing to declare income and pay taxes. Some of this black money ends up in illicit financial flows across international borders, such as deposits in tax haven countries. According to a 2010 The Hindu article, unofficial estimates indicate that Indians had over US$1456 billion in black money stored in Swiss banks (approximately USD 1.4 trillion).
@9CQBG3G10mos10MO
Same taxes for the rich and poor.
@9CXDW9TIndependent9mos9MO
Yes, but punish citizens and foreign banks that hide black money.
what is needed is wider & better targeting and political will to tackle the issue of black money. Reducing income tax rates beyond an optimum level will not be helpful as justified by the concept of laffer curve.
Taxes must be made uniform. Remove the slabs and standard deductions. Let everyone, even a farmer pay same percentage of tax as a wealthy billionaire.
@SR4JK23yrs3Y
Perhaps a bit, but should be accompanied by broadening tax base and better enforcement with strong penalty for avoidance.
@SQX62NBharatiya Janata3yrs3Y
Income tax may be reduced but it should cover more no. of people paying income tax.But it can not be significantly reduced as it is a major part of revenue generated by the government.
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