October 20, 2021
Tax evasion or tax evasion is an illegal act that involves hiding property or income in order to pay less tax, however, it is an illegal activity and usually it is considered a crime (or an administrative offense) in most countries. Black money is anything that has evaded the payment of tax levies. These are profits obtained from illegal or legal activities, but which are avoided by declaring them to the Inland Revenue in order to evade taxes. It is tried to keep it in cash, and not to deposit it in financial institutions, to avoid that it appears registered in the banking movements and thus the State does not have knowledge of its existence.