1. 2 Lakhs to 2.5 Lakhs – Deposit
No need to pay Tax, The amount will be tax free.
2. 5 Lakhs – Deposit
First 2.5L – Exemption
a. 10% of 2.5L = 25,000
A. Total Tax (a) =
25,000
B. 200% Penalty on Tax = 50,000
Total tax payable (A+B) = 75,000
3. 10 Lakhs – Deposit
First 2.5L – Exemption
b. 10% of 2.5L = 25,000
c. 20% of 5L = 1,00,000
C. Total Tax (b+c) =
1,25,000
D. 200% Penalty on Tax = 2,50,000
Total tax payable (C+D) = 3,75,000
4. 20 Lakhs – Deposit
First 2.5L – Exemption
d. 10% of 2.5L = 25,000
e. 20% of 5L = 1,00,000
f.
30%
of 10L = 3,00,000
E. Total Tax (d+e+f) =
4,25,000
F. 200% Penalty on Tax = 8,50,000
Total tax payable (E+F) = 12,75,000
5. 30 Lakhs – Deposit
First 2.5L – Exemption
g. 10% of 2.5L = 25,000
h. 20% of 5L = 1,00,000
i.
30%
of 10L = 6,00,000
G. Total Tax (g+h+i) =
7,25,000
H. 200% Penalty on Tax = 14,50,000
Total tax payable (G+H) = 21,75,000
6. 40 Lakhs – Deposit
First 2.5L – Exemption
j.
10%
of 2.5L = 25,000
k. 20% of 5L = 1,00,000
l.
30%
of 10L = 9,00,000
I.
Total
Tax (j+k+l) = 10,25,000
J.
200%
Penalty on Tax = 20,50,000
Total tax payable (I+J) = 30,75,000
7. 50 Lakhs – Deposit
First 2.5L – Exemption
m. 10% of 2.5L = 25,000
n. 20% of 5L = 1,00,000
o. 30% of 10L = 12,00,000
K. Total Tax (m+n+o) =
13,25,000
L. 200% Penalty on Tax = 26,50,000
Total tax payable (K+L) = 39,75,000
8. 100 Lakhs (1 Crore) – Deposit
First 2.5L – Exemption
p. 10% of 2.5L = 25,000
q. 20% of 5L = 1,00,000
r.
30%
of 10L = 27,00,000
M. Total Tax (p+q+r) =
28,25,000
N. 200% Penalty on Tax = 56,50,000
Total tax payable (M+N) = 84,75,000
Note: Above calculation is based on the assumption of 200% penalty, which government has announced.
