OMG! Now as we know on 8th of November 2016 around 8:00 PM. Our PMO Shri Narendra Modi gave the biggest announcement on this era for Demonetization of 500 and 1000 Notes in India. So People are searching on the internet and finding various steps how to convert Black Money To White ? well, the proper solution for this problem has arrived. kindly go check the post below.
How to Convert Black Money To White ?
The below given Routes and points of Converting black money into White were used before this scheme came of Demonization of 500 and 1000 Notes. therefore we request you not to do any of these. Please Pay Proper Tax For your Income and get the balance of White Money. One More thing : Swachh Bharat Abhiyan has now started !!.
Agricultural Income – Agricultural Income is exempt from Income Tax. This means the money earned from the sale of paddy, pepper or wheat is exempt from tax.
Point No 1 : Go to a Jeweler. Give him the amount you want to convert into white as cash. 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.
Point No 2 : Conversion of Black Money to White Money with the application of Sec 51 of the Income tax act, 1961.
Point No 3 : Another popular way of converting black into white money is showing income in cash like tuition income or any other professional fees.
Gifts from relatives and friends on occasions – Any amount of money received from relatives (gift) is exempt from Income Tax.
Hawala Route – Have you heard about hawala transactions? If not, I will tell you in simple words. Assume Mr.ABC, a politician or government officer in Bangalore has Rs.25 Lakhs in cash. Since it is black money, he can’t deposit the same in the bank.
Investing in property, Spend on weddings and functions, Buying goods/services, School Fee and donations, Buying gold / precious metals, Elections. These were the routes for Converting Black Money Into White but now these all will not Work. DO NOT TRY ANY OF THESE!!
DO NOT TRY ANY OF THESE!!
India 500 & 1000 Notes Demonetized
The incidence of fake Indian currency notes of the higher denomination has increased. For ordinary persons, the fake notes look similar to genuine notes, even though no security feature has been copied. The fake notes are used for anti-national and illegal activities. High denomination notes have been misused by terrorists and for hoarding black money. India remains a cash-based economy hence the circulation of fake Indian currency notes continues to be a menace. In order to contain the rising incidence of fake notes and black money, the scheme has been introduced. #GoogleTrends This Question that how to convert Black Money To White. therefore these are the above provided simple steps for each one of you. we must assure you PMO is looking out for you guys.
The Best Practice you can do is if you have a lot of black money kindly visit the bank and pay proper tax for undisclosed income under the income tax act and get the balance as your white money. as we can say it is far better than burning your Black Money.
Indians are searching on Google: ‘How to convert black money into white’ Trends on Google
Most of the searches on Google were from Modi’s home state of Gujarat, Google Trends show, a region is known for its entrepreneurial spirit, small traders and jewelers that form the power base of the ruling Bharatiya Janata Party. Maharashtra, which includes the financial hub Mumbai, came in second followed by Haryana, which has been in the news over the past months for controversial real estate deals including some with alleged links to the main opposition Congress Party.
Overall, Indians sought more information about the government’s planned new currency notes that include better security features. Questions on these were among the top five searched topics for Google from India on Tuesday. India has 277 million Internet users, the world’s largest after China, according to the 2016 Internet Trends report by Kleiner Perkins Caufield & Byers
What are the best ways to convert illegal money to legal money? Asked ON Quara
Best Answer Till Now:
Weddings, Money Laundering Etc are also ways.
- take an agricultural property for lease from a district where the lease value is less.
- so some crop of high value, nonforest regulated (ex:- Ginger, cashew nut, mango, teak. if you are in Karnataka, sow flowers)
- stagger your black money into multiple pieces (<1 crore)
- and show IT returns as agriculture income (1 crore per year)