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VOL. 10, ISSUE 1 (2024)
An critical analysis of voluntary disclosure scheme
Authors
Meenatchi V
Abstract
Any Government, mandates residents to pay tax
on their income of the Previous Year. People tend to hide their Income due to
high tax rates. Such People tend to invest those Money in the Offshore Banking
etc. It leads to generation of Black Money. Black Money refers to the Money
which is untaxed, even though it has the potential to be taxed. Black Money
affects our country economic policies and affects the revenue of our
Government, which in turn affects the development of our country and our
economy. In order to Bring this Black money into System, Money Laundering is
done, which is a national security problem as it may lead to terror financing
etc. So Curbing Black Money is a problem that is faced by Governments all over
the World. Therefore in order to tap this black money which is left untaxed,
Governments will introduced the concept of Voluntary Disclosure Scheme.
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Pages:198-201
How to cite this article:
Meenatchi V "An critical analysis of voluntary disclosure scheme". International Journal of Law, Vol 10, Issue 1, 2024, Pages 198-201
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