How much did india govt recieved in black money scheme

How much black money recovered by Modi govt?

Of the notes worth Rs 15.41 lakh crore that were invalidated, notes worth Rs 15.31 lakh crore returned. In February, 2019, then finance minister Piyush Goyal told Parliament that Rs 1.3 lakh crore in black money had been recovered through various anti-black money measures, including demonetisation.

How much amount of black money in India?

There is no official estimation how much worth of black money is lying in foreign accounts over the last five years, however, Rs 2,476 crore has been collected as tax and penalty under the one-time three months compliance window during 2015, government said in Parliament on Tuesday.

What is the tax on black money in India?

Under the Black Money Act, undisclosed foreign income and, or, assets are subject to tax at 30% of the taxable value of such income and, or asset. Further, the assessee is also liable to a penalty of 3 times of the tax computed.

How much money Indian government has?

What is the total revenue of the Indian Government? The total actual revenue of the government of India in 2019-20 was Rs 17.52 lakh crore. In 2021-22, the receipts (other than borrowings) were expected to be Rs 19,76,424 crore, which is 23% higher than the revised estimates of 2020-21.

How much black money came back after demonetization?

Of the Rs 15.41 lakh crore worth invalidated notes, notes worth Rs 15.31 lakh crore have returned. In February, 2019, the then finance minister Piyush Goyal told Parliament that Rs 1.3 lakh crore black money has been recovered through all anti-black money measures including demonetisation.

Has black money decreased in India?

The use of black money in Indian housing has reduced by at least 75-80 per cent since November 2016 when the government demonetised the bulk of the country’s currency, real estate consulting firm Anarock said on Wednesday.

Is black money good for economy?

The portion of a country’s income tied to black money affects the economic growth of the country. Black money causes financial leakage, as unreported income that is not taxed causes the government to lose revenue. In addition, these funds rarely enter the banking system.

What is white money in India?

White money is money that is earned through legitimate means and is accounted for, for which income or other tax is paid.

How much is a lot of money in India?

48% people who took the survey feel that anything above 2-10 crores is a good networth to be called RICH. Some even said 50 crores and 100 crores.

How is black money converted to white?

Go to known jeweler and give him all black money you want to convert. He will give you cheque for the same amount. He will also give you purchase bill showing you sold your personal Jewelry to him. By this way your Black money is converted to white and you need not to pay capital gain tax even.

Similar Posts

Leave a Reply

Your email address will not be published.