Where Do You Stand In Race Of Black Money?

2. Declare Your Cash Income Before You Swipe Credit Card

There might be 100 ways to skip declaring your cash income but there are 1000 ways to track down your unaccounted money. While paying credit card bills, mutual funds, electricity bill, tuition, telephone bills and installments, the authorities can trace your account.

You must be in a situation to justify all your bill payments, monthly loan installments. The same applies for predictable operating expenses like electricity, telephone bills, tuition fees paid with cash. This cash should be declared in the income-tax (IT) returns.

3. Filling Form 16 Is Not Just Enough

Despite some official White Papers, or government reports, on black money tabled in the past, only unofficial estimates by independent agencies are floating around. The variations are also rather wide. Many people think that they can fill taxes for the whole financial year and they can sit and relax. Actually you cannot!

Form 16 just provides the details of the tax deducted from your salary and helps you in filing your income tax returns but at the same time this is also true that Form 16 is not responsible for the transactions you have made during a financial year.

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