How do I file a raid tax return?

The officer authorized to carry out the raid can:

1. Enter and search any building, place, etc.
2. Break open the locks, where the keys are unavailable.
3. Carry out personal search of a person who is suspected to have secreted some item as mentioned in (1) above.
4. Seize the items as mentioned in (1) above.

Where do people use black money?

Black money proceeds are usually received in cash from underground economic activity and, as such, are 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.

How can I spend black money on Quora?

Distribute your black money amongst your friends and relatives in smaller quantities. Do this this immediate. And request them to return this amount in form of new currency notes by depositing in banks. Do them a favour by taking only 50-60\% of amount in return.

What is black money Quora?

Black money, simply put, is any money on which tax has not been paid to the government, or the money that has been hidden in any form.

How do I inform the Income Tax Department of black money anonymously?

Anyone can now file a Tax Evasion Petition on the e-filing website of the Department https://www.incometaxindiaefiling.gov.in/ under the head “File complaint of tax evasion/undisclosed foreign asset/ benami property.”

What happens after an income tax raid?

Duties of a person after a tax raid An individual can file a petition before the High Court in case he/she feels that the raid conducted by the ITD was unlawful/unfair. They can also challenge a raid and appeal before the commissioner of Income Tax (Appeal).

How much tax do you pay on black money?

Tax rate in the black money scheme Black money holders who disclosed their money were subject to tax of 30\% (a tax norm for those earning an income more than Rs. 10 lakh as per the Income Tax Act), a surcharge of 7.5\% and a penalty for avoiding tax of another 7.5\%.

How do people hide black money Quora?

one way of hiding black money is but getting a partner whom you can trust and deposit money in his name or purchase assets like land , buildings , cars etc.. and hold a power of attorney of those assets with you . you can give him remuneration or salary or any benefits in return .

How IAS officers hide black money Quora?

The raids revealed that several IAS officers in the state had opened bank accounts under fake names or in the name of their domestic helps. They purchase land, flats, orchards, agricultural farms etc in benami deals who are confident close relatives, friends, parties with whom he has dealt with during services.

Can an auditor be helpful in checking black money?

No auditor can convert money to Black money if transactions have properly been recorded in books of accounts. Auditors responsibility is to check books of accounts and not to find ways and means to generate Black money. Black money means income on which tax is deliberately evaded.

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