sually refer to any income on which the taxes imposed by government or public authorities have not been paid.

Such wealth may consist of income generated from legitimate activities or activities which are illegitimate per se, like smuggling, illicit trade in banned substances, counterfeit currency, arms trafficking, terrorism, and corruption.

For the purpose of this document, ‘black money’ can be defined as assets or resources that have neither been reported to the public authorities at the time of their generation nor disclosed at any point of time during their possession.

This definition of black money is in consonance with the definition used by the National Institute of Public Finance and Policy (NIPFP). In its 1985 report on Aspects of Black Economy, the NIPFP defined
‘black income’ as ‘the aggregates of incomes which are taxable but not reported to the tax authorities’.

Further, black incomes or unaccounted incomes are ‘the extent to which estimates of national income and
output are biased downwards because of deliberate, false reporting of incomes, output and transactions
for reasons of tax evasion, flouting of other economic controls and relative motives. "

This detailed definition of BLACK MONEY has been picked out of the White Paper tabled by our former Finance Minister Pranab Mukherjee on 16th May, 2012 in the Parliament of India.
The white paper which was tabled then comprises of 87 pages with many necessary details.

Hope it Helped

-The Knowledge Mine