Black money

sureshselva (Querist) 13 August 2012 This query is : Resolved
Sir

Need knowledge on Black money

What is the punishment if person have black money ie more than 2 lakhs.

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prabhakar singh (Expert) 13 August 2012
If the facts comes to the notice of ITO,he shall issue you notice to explain,failing which or finding dis satisfactory,shall tax you with penalty.
In future it may be punishable as an offence under IPC for which law commission has submitted a report to add a chapter in IPC
named as "social and economic offences "

For time being you are safe.

R.K Nanda (Expert) 13 August 2012
Academic query.

Guest (Expert) 14 August 2012
Please state your problem clearly, not a student-like academic query.

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