Question

Q45) Consider the following statements

1. All unaccounted money is black money.

2. All unreported money is black money.

Identify the incorrect statement/s

• A. a) 1 only
• B. b) 2 only
• C. c) Both
• D. d)None

Answer 1

The correct option is A

a) 1 only

Answer 45: A

Explanation: All the unaccounted money is not black money.it is only that money which was required to be disclosed but was not
disclosed). For example, income tax provisions permit income below certain threshold without disclosures. Unreported income is
Failure by a taxpayer to include certain income on their tax return in order to avoid paying taxes on the income