Black money
Our country since long is carrying the legacy of wrong policies which always go against good people and support the people of the other end. The Finance Minister is very seriously trying to widen the scope of such policies by allowing people to whiten their black money by paying tax @ 10% only.
What is black money? I do not know how the minister defines it. If scope is given to legalise it, it should be the money which has been earned legally but tax was not paid on earning.
The ideal title to this kind of income can be Undeclared Income. Persons who deliberately did not pay tax on income should be penalised. The way which I think should be logical in handling this kind of income is that the person has got to declare his income which was not taxed before related to a certain period. The authorities will take into consideration his declared income of that period and will apply the standard rate to determine the amount tax payable with which interest and penalty should be added to determine the amount of tax payable now.
Under no circumstances should so-called black money include money earned from sources which cannot be identified or money earned from sources which are illegal. If illegal income is allowed to be legalised, it will mean that the government is accepting, encouraging and legalising corruption.
It is the prime responsibility of the government to stop corruption at all spheres of life. Leaving scope to legalise illegally earned money will encourage corruption and will create the scope for the growth of all kinds of other unwanted evil issues.
Undeclared income from a legal source only should be allowed to be legalised, and under no circumstances should there be any scope to legalise illegal income.
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