Black money is funds earned illegally on which income and other taxes have not been paid. In the event of such non-declaration, the chances of the income tax authorities conducting a raid on the taxpayer will be quite high.

What is qualification for income tax officer?

1) The candidates must be at least 18 years and not more than 27 years at the time of applying for the exam. The maximum age limit will be relaxed by 3 years for OBC candidates and 5 years for SC/ST candidates. 2) Candidate should be graduated from an university recognized by University Grant Commission.

Where can I complain about black money?

How can you use the portal? Anyone can now file a Tax Evasion Petition on the e-filing website of the Department under the head “File complaint of tax evasion/undisclosed foreign asset/ benami property.”

How do I complain about black money to income tax department?

People can now file a tax evasion petition through a link on the e-filing website of the department — — under the head “File complaint of tax evasion/undisclosed foreign asset/benami property”, CBDT said in a statement.

Which exam is for income tax officer?

SSC CGL exam
The exam for Income Tax Officer is referred to as SSC CGL exam which is followed by an interview and Physical Standard/Physical Fitness and Medical Tests. How can I become income tax officer? There are two main routes to become an Income Tax Officer in India, i.e. SSC CGL exam or UPSC exam.

How much black money is there in the world?

The total amount of black money deposited in foreign banks by Indians is unknown. Some reports claim a total of US$1.06 – $1.4 trillions is held illegally in Switzerland….Estimates of Black Money in India by various organizations.

What should I do about the Black tax?

Barnes believes those impacted by “black tax” need to have uncomfortable conversations about their family members’ financial situation and help them manage their money instead of simply writing checks.

How is the penalty calculated for black money?

In case of any ambiguity 200% penalty on tax is applicable. Tax calculation is given below. If you have excessive cash up to 20 Lakh and you are planning to deposit in your account. Get ready to pay 200% penalty. Tax calculation is given below. A = Normal Tax = 10% of 2.5 Lakh + 20% of 5 Lakh + 30% of 10 Lac = Rs 4,25,000

What happens if you have black money in your account?

Prepare to face the following penalties and prosecution if the Income Tax department finds out that you have black money i.e. unaccounted money. If you deposit large sums of cash in your bank account the tax department is likely to send you a notice asking you to explain the source.

Who are the people affected by the Black tax?

The black tax also affects Latinx founders and tech professionals who have a similar experience with sharing their income with family members. Heli Prilliman, the founder of Lacquerbar, raised capital for her nail salon with $100,000 of early angel investment and an SBA loan.