My friend Prof. K. K. Garg has told me that there is also 'Corruption Money' and 'Greed Money' which is different from 'Black Money'. What I have understood of all 'Moneys' is as under:
White Money : Comes from the income which I have declared to the Govt. for the payment of income tax irrespective of the source of income pious or otherwise. I might have earned it in a most dubious manner.
Black Money : Comes from the income which I have NOT declared to the Govt. for the payment of income tax even if the source of income may be pious. For example if I am a Govt. servant but doing some part time job or business through sheer hard work but it is not in the knowledge of the Govt. The income generated from this part time job is 'Black Money'.
Corruption Money : Irrespective of the fact whether or not I declare and pay income tax on it it would be 'Corruption Money' if the source is not pious. Far example I might have earned it through theft, extortion or bribe, etc.
Greed Money : Irrespective of the fact whether or not I declare and pay income tax on it it would be 'Greed Money ' if it is not a hard earned money (the source may not be dubious). Far example I might have earned it by investing in a chit fund company.
Would somebody enlighten me as to whether my understanding is correct or no?
White Money : Comes from the income which I have declared to the Govt. for the payment of income tax irrespective of the source of income pious or otherwise. I might have earned it in a most dubious manner.
Black Money : Comes from the income which I have NOT declared to the Govt. for the payment of income tax even if the source of income may be pious. For example if I am a Govt. servant but doing some part time job or business through sheer hard work but it is not in the knowledge of the Govt. The income generated from this part time job is 'Black Money'.
Corruption Money : Irrespective of the fact whether or not I declare and pay income tax on it it would be 'Corruption Money' if the source is not pious. Far example I might have earned it through theft, extortion or bribe, etc.
Greed Money : Irrespective of the fact whether or not I declare and pay income tax on it it would be 'Greed Money ' if it is not a hard earned money (the source may not be dubious). Far example I might have earned it by investing in a chit fund company.
Would somebody enlighten me as to whether my understanding is correct or no?