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Preparing CFS-Indirect Method

Money that is...

Question

Money that is legally earned can also be black money if it involves tax evasion

A

True

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B

False

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Solution

The correct option is A True

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Q. Susie is involved in tax evasion and has stored up black money. However, the income tax department suspected misconduct and conducted raids. What are the penalties that Susie might get?

Q. Tax evasion and black money are grave offences and can be penalised with imprisonment of up to five years and hefty fines.

Q. A study published in 2006 by Friedrich Schneider on the world’s shadow economies dealt briefly with the “tax morality” of Germans. According to the study, two-thirds of the Germans surveyed regarded tax evasion as a “trivial offence,” while only one-third judged stealing a newspaper this way. Indian tax morality is similar, but it makes a distinction between expatriate illicit money, which is viewed as a serious crime perpetrated by the very corrupt, and money held within India, which is perceived as a practical measure.
Which of the following conclusions can be drawn from the above?
(i) Two-thirds of the Germans evade tax and consider it only a trivial offence.
(ii) Stealing a newspaper is a bigger crime in Germany than tax evasion.
(iii) As long as the money is held in India, illicit money is accepted as practical by Indians.
(iv) Indians regard tax evasion, especially holding illicit money abroad, as a serious crime.

Q. Property taxes form only __________ percent of the money that a Municipal Corporation earns.

Why is withdrawal of money Rs. 700 represented as -700 as we are earning that money it should be +700.

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