Tax Calculation for Black Money Deposited in to the bank

1)Rs. 200000 to Rs. 250000
1.1) Tax Payable - NIL (No need to pay Tax, the amount will be Tax Free)

2) Rs. 500000 Deposit (Tax Payable Rs. 75000)
2.1) 10% of Rs. 250000 = Rs. 25000
2.2) Penalty 200% of Rs. 25000 = Rs. 50000
2.3) Total Tax Payable Rs. 75000 (Rs. 25000 Plus Rs. 50000)


3) Rs. 1000000 Deposit (Tax Payable Rs. 375000)
3.1) 10% of Rs. 250000 = Rs. 25000
3.2) 20% of Rs. 500000 = Rs. 100000
3.3) Penalty 200% of Rs. 125000 = Rs. 250000
3.4) Total Tax Payable Rs. 375000 (Rs. 25000 Plus Rs. 100000 Plus Rs. 250000)

4) Rs. 2000000 Deposit (Tax Payable Rs. 1275000)
4.1) 10% of Rs. 250000 = Rs. 25000
4.2) 20% of Rs. 500000 = Rs. 100000
4.3) 30% of Rs. 1000000 = Rs. 300000
4.4) Penalty 200% of Rs. 425000 = Rs. 850000
4.5) Total Tax Payable Rs. 1275000 ( Rs. 25000 Plus Rs. 100000 Plus Rs. 300000 Plus Rs. 850000)


5) Rs. 3000000 Deposit (Tax Payable Rs. 2175000)
5.1) 10% of Rs. 250000 = Rs. 25000
5.2) 20% of Rs. 500000 = Rs. 100000
5.3) 30% of Rs. 2000000 = Rs. 600000
5.4) Penalty 200% of Rs. 725000 = Rs. 1450000
5.5) Total Tax Payable Rs. 2175000 ( Rs. 25000 Plus Rs. 100000 Plus Rs. 600000 Plus Rs. 1450000)

6) Rs. 4000000 Deposit (Tax Payable Rs. 3075000)
6.1) 10% of Rs. 250000 = Rs. 25000
6.2) 20% of Rs. 500000 = Rs. 100000
6.3) 30% of Rs. 3000000 = Rs. 900000
6.4) Penalty 200% of Rs. 1025000 = Rs. 2050000
6.5) Total Tax Payable Rs. 3075000 ( Rs. 25000 Plus Rs. 100000 Plus Rs. 900000 Plus Rs. 2050000)

7) Rs. 5000000 Deposit (Tax Payable Rs. 3975000)
7.1) 10% of Rs. 250000 = Rs. 25000
7.2) 20% of Rs. 500000 = Rs. 100000
7.3) 30% of Rs. 4000000 = Rs. 1200000
7.4) Penalty 200% of Rs. 1325000 = Rs. 2650000
7.5) Total Tax Payable Rs. 3975000 ( Rs. 25000 Plus Rs. 100000 Plus Rs. 1200000 Plus Rs. 2650000)

8) Rs. 10000000 Deposit (Tax Payable Rs. 8475000)
8.1) 10% of Rs. 250000 = Rs. 25000
8.2) 20% of Rs. 500000 = Rs. 100000
8.3) 30% of Rs. 9000000 = Rs. 2700000
8.4) Penalty 200% of Rs. 2825000 = Rs. 5650000
8.5) Total Tax Payable Rs. 8475000 ( Rs. 25000 Plus Rs. 100000 Plus Rs. 2700000 Plus Rs. 5650000)

Please Note that above Calculations have been done based on assumption @200% penalty, which government has announced