Lets See !!! How Much Tax to pay when deposit between 2.50 lakhs to 1 Crore

Lets See, How Much Tax to pay if deposits between 2.50 lakh to 1 Cr: India's PM has clearly said that we will take serious action against Black money and never let them go easily. Govt. said, No tax to be paid for cash deposit upto 2.5 lakh but if found any difference between ITR and and more than 2.5 lacs deposits. that person to pay 200% tax as fine.

Reports will be submitted directly to Finance department for cash deposit more than 2.5 lacs and Income tax department will check deposit with their Income Tax Return file. If accout holder found difference between his ITR than deposit will be understand as Tax robby.

Lets check if we deposit cash so how much tax we have to pay. Computation of tax will be counted on the basis of 30% tax and 200% fine announced  by the govt.

Between 2 - 2.5 Lacs deposit

Total tax to pay - Zero
You dont have to pay any tax for this
amount deposit because this is tax free.

Upto 5 Lacs deposits:
Tax on first 2.5 lakhs : zero
10% Tax on next 2.5 lac deposit: Rs 25,000/-
200% fine on tax: Rs 50,000/-
Net tax will be Rs 75,000/-
You will get Rs 4,25,000/-

Tax for cash deposit upto 10 lakhs

Tax on first 2.5 lakhs : zero
10% Tax on next 2.5 lac deposit: Rs 25,000/-
20% Tax on next 5 lac deposit: Rs 1,00,000/-
Total tax : Rs 1,25,000/-
200% Fine on tax: 2,50,000/-
Net Tax: Rs: 3,75,000/-
Amount after Net Tax you will get Rs 6,25,000/-

Tax for Cash deposit upto Rs 20,00,000/-
Tax on first 2.5 lakhs : zero
10% Tax on next 2.5 lac deposit: Rs 25,000/-
20% Tax on next 5 lac deposit: Rs 1,00,000/-
30% Tax on Rs 10,00,000/-: Rs 3,00,000/-
Total Tax: 4,25,000/-
200% fine on Tax: Rs 8,50,000/-
Net Tax: Rs 12,75,000/-
Amount after Net Tax you will get Rs 7,25,000/-

Tax for Cash deposit upto Rs 30,00,000/-
Tax on first 2.5 lakhs : zero
10% Tax on next 2.5 lac deposit: Rs 25,000/-
20% Tax on next 5 lac deposit: Rs 1,00,000/-
30% Tax on Rs 20,00,000/-: Rs 6,00,000/-
Total Tax: 7,25,000/-
200% fine on Tax: Rs 14,50,000/-
Net Tax: Rs 21,75,000/-
Amount after Net Tax you will get Rs 8,25,000/-

Tax for Cash deposit upto Rs 40,00,000/-
Tax on first 2.5 lakhs : zero
10% Tax on next 2.5 lac deposit: Rs 25,000/-
20% Tax on next 5 lac deposit: Rs 1,00,000/-
30% Tax on Rs 30,00,000/-: Rs 9,00,000/-
Total Tax: 10,25,000/-
200% fine on Tax: Rs 20,50,000/-
Net Tax: Rs 30,75,000/-
Amount after Net Tax you will get Rs 9,25,000/-

Tax for Cash deposit upto Rs 50,00,000/-
Tax on first 2.5 lakhs : zero
10% Tax on next 2.5 lac deposit: Rs 25,000/-
20% Tax on next 5 lac deposit: Rs 1,00,000/-
30% Tax on Rs 40,00,000/-: Rs 12,00,000/-
Total Tax: 13,25,000/-
200% fine on Tax: Rs 26,50,000/-
Net Tax: Rs 39,75,000/-
Amount after Net Tax you will get Rs 10,25,000/-

Tax for Cash deposit upto Rs 1,00,00,000/-
Tax on first 2.5 lakhs : zero
10% Tax on next 2.5 lac deposit: Rs 25,000/-
20% Tax on next 5 lac deposit: Rs 1,00,000/-
30% Tax on Rs 90,00,000/-: Rs 27,00,000/-
Total Tax: 28,25,000/-
200% fine on Tax: Rs 56,50,000/-
Net Tax: Rs 84,75,000/-
Amount after Net Tax you will get Rs 15,25,000/-