Black Money Penalty Calculator
Posted by Dinesh onSimple tax calculator calculates 200% penalty of payable tax amount from total tax for black money.
Income Tax 200% Penalty Calculation
Tax calculation for black money with 200% Penalty
Cash Deposit of Rs 2 lakhs to 2.5 lakhs
No need to pay any tax here, this amount will be tax free.
Cash deposit up to 5 lakh
First 2.5 lakh amount is exemption
10% of remaining 2.5 lakh = Rs. 25,000Total Tax = Rs. 25,000
200% penalty on tax = Rs. 50,000
Total tax payable after 200% tax penalty = Rs. 75,000
Cash deposit up to 10 lakh
First 2.5 lakh amount is exemption
10% of remaining 2.5 lakh = Rs. 25,00020% of remaining 5 lakh = Rs. 1,00,000
Total Tax = Rs. 25,000 + Rs. 1,00,000 = Rs. 1,25,000
200% penalty on tax = Rs. 2,50,000
Total tax payable after 200% tax penalty = Rs. 3,75,000
Cash deposit up to 20 lakh
First 2.5 lakh amount is exemption
10% of remaining 2.5 lakh = Rs. 25,00020% of remaining 5 lakh = Rs. 1,00,000
30% of remaining 10 lakh = Rs. 3,00,000
Total Tax = Rs. 25,000 + Rs. 1,00,000 + Rs. 3,00,000 = Rs. 4,25,000
200% penalty on tax = Rs. 8,50,000
Total tax payable after 200% tax penalty = Rs. 12, 75,000
Cash deposit up to 30 lakh
First 2.5 lakh amount is exemption
10% of remaining 2.5 lakh = Rs. 25,00020% of remaining 5 lakh = Rs. 1,00,000
30% of remaining 20 lakh = Rs. 6,00,000
Total Tax = Rs. 25,000 + Rs. 1,00,000 + Rs. 6,00,000 = Rs. 7,25,000
200% penalty on tax = Rs. 14,50,000
Total tax payable after 200% tax penalty = Rs. 21,75,000
Cash deposit up to 40 lakh
First 2.5 lakh amount is exemption
10% of remaining 2.5 lakh = Rs. 25,00020% of remaining 5 lakh = Rs. 1,00,000
30% of remaining 30 lakh = Rs. 9,00,000
Total Tax = Rs. 25,000 + Rs. 1,00,000 + Rs. 9,00,000 = Rs. 10,25,000
200% penalty on tax = Rs. 20,50,000
Total tax payable after 200% tax penalty = Rs. 30,75,000
Cash deposit up to 50 lakh
First 2.5 lakh amount is exemption
10% of remaining 2.5 lakh = Rs. 25,00020% of remaining 5 lakh = Rs. 1,00,000
30% of remaining 40 lakh = Rs. 12,00,000
Total Tax = Rs. 25,000 + Rs. 1,00,000 + Rs. 12,00,000 = Rs. 13,25,000
200% penalty on tax = Rs. 26,50,000
Total tax payable after 200% tax penalty = Rs. 39,75,000
Cash deposit up to 100 lakh
First 2.5 lakh amount is exemption
10% of remaining 2.5 lakh = Rs. 25,00020% of remaining 5 lakh = Rs. 1,00,000
30% of remaining 90 lakh = Rs. 27,00,000
Total Tax = Rs. 25,000 + Rs. 1,00,000 + Rs. 27,00,000 = Rs. 28,25,000
200% penalty on tax = Rs. 56,50,000
Total tax payable after 200% tax penalty = Rs. 84,75,000