The article discusses the importance of black money in education and how it is a necessity for many students. It also discusses the possible methods to curb this phenomenon and how it can be done in an ethical manner.
Money acquired in an unethical or unlawful manner is referred to as black money.
We may also refer to black money as income that is not earned fairly and with honesty, and is kept hidden in order to avoid paying taxes.
It is termed black since no tax is due on this money, and it is earned tax-free and in an unlawful manner.
When taxes on earned income are avoided, the money becomes black money.
This process of black money has a higher proportion in the nation, since there is more illicit money than legal money.
Corruption is mostly caused by black money, and as a result, the country’s economy has suffered significant losses.
Black Money’s Consequences
There has been a significant loss of market share in the economy as a result of black money. Black money is defined as a mix of power and money; this statement is correct since it opposes the creation of new money via unlawful means, such as the black market.
The primary cause for illicit money, often known as black money, is people’s desire for large sums of money.
People who are greedy for more money choose the wrong path and begin to make money illegally as a result of their greed. This leads to a society’s corruption issue.
People who have power do black money, while others who do not have authority and are opposed to black money are bribed by those who do unlawful activities.
These individuals with power believe that this is a wonderful way to make a lot of money, and that by doing so, they will be able to decrease the country’s output and economic values.
Black Money’s Causes
The primary cause and source of black money is that people donate money to conduct any type of government business and to have their job done quickly. They pay individuals commission to accomplish this task.
The job that is not done lawfully, so that these individuals may perform their illicit activity simply, they pay a commission. As a result, their job may be completed in a matter of minutes using this unlawful method.
Along with this, the major issue with black money is not paying taxes correctly, and this problem has resulted in inequity among taxpayers, as some are honest and wish to pay their taxes lawfully, while others do not pay their taxes legally and are dishonest.
In the meanwhile, there is a tax issue that has arisen in relation to the Vodafone tax case, which is a textbook example of unlawful tax payments.
As a result, the usage of illicit or black money should come to an end, and all effort should be done lawfully for the country’s growth.
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