Money is an object or record that is generally accepted as payment for goods and services and repayment of debts in a given country or socio-economic context. Money is present in two forms - visible and hidden. The money that is visible is legal and subject to taxation. The money that is hidden is illegal and is not open to taxation. This money that is hidden and acquired illegally is known as black money and is the result of dishonest activities of greedy people. There is no uniform or specific definition of black money. Even under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, black money has not been defined! Generation of Black Money Some of the common forms of generation of black money are misreporting or non-reporting of the transactions in the books of account; Out of book transactions like not maintaining books of account or maintains two sets or records; Maintaining parallel books of accounts; Man ....