Statement (a) provides a correct definition of black money as income or assets not reported to the government, usually to evade taxes.
Choose the correct statements related to "Black money" (a) These are assets not reported to the Government at the time of their generation. (b) Estimate of black money in India for the year 1983-84 is 95% of GDP. (c) "Tax havens" are typically big countries which impose high tax on the foreigners who decide to settle down.
Asked in TNPSC CS Prelims 2021 · Topic: Fiscal Policy & Revenue (Sources of Government Revenue: Tax and Non-Tax Revenue)
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