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Calculate Tax for Black/ Undeclared Money Deposited : 200% Penalty

Online Tax Calculator Undeclared Money 200% Penalty

Since the Ministry of Finance, Govt. of India made it clear that Black Money or Undeclared Money will not be easily converted into legal just by declaring it, Now the Black Money holder have to give 200% Penalty along with Tax calculated. Also One may ask to have information about Tax calculation if i am filing ITR(Income Tax Return) at the end of financial year. So here We have given the Tax Calculation on Black/ Undeclared Money Deposited along with 200% Penalty and how will you receive after paying tax and 200% Penalty. Here is Complete Penalty Tax Calculation after every possible exemption :

Calculate Total Returning Money After Tax Deduction 200% Penalty

1) Below 2.5 Lac Deposit
Tax-payable : NIL
You need not to pay any tax since government permitted this much amount under गृहणी बचत Scheme

Online Tax Calculator 200% Penalty

2) 5 Lakhs Deposited Undeclared Money
 Tax Payable – 75,000
First 2.5L- Exemption
a. 10%of2.5L = 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 Deposited Undeclared Money
 Tax Payable – 3, 75,000
First 2.5L- Exemption
b. 10% of 2.5L = 25000
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 Deposited Undeclared Money
 Tax Payable – 12,75,000
First 2.5L – Exemption
d. 10%of2.5L =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 Deposited Undeclared Money
 Tax Payable-21,75,000
First 2.5L- Exemption
g. 10%of 2.5L =25,000
h. 20%of 5L =1,00,000
i. 30%of20L = 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 Deposited Undeclared Money
 Tax Payable – 30,75,000
First 2.5L- Exemption
j. 10%of 2.5L =25,000
k. 20% of 5L =1,00,000
l. 30%of30L = 9, 00,000
I. Total Tax(j+k+l) = 10, 25,000
J. 200% Penalty on Tax = 20, 50,000
Total tax Payable (l+J) = 30, 75,000

7) 50Lakhs Deposited Undeclared Money
 Tax Payable – 39,75,000
First2.5L- Exemption
m. 10%of 2.5L =25,000
n. 20% of 5L =1,00,000
o. 30%of40L = 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 Deposited Black Money
 Tax Payable – 84,75,000
First 2.5L- Exemption
p. 10% of 2.5L=25,000
q. 20% of 5L =1,00,000
r. 30% of 90L = 27, 00,000
M. Total = 28, 25,000
N. 200% Penalty on Tax = 56, 50,000
Total tax Payable (M+N) = 84, 75,000

Tax Caculation Penalty 200% With ITR

What if you have filed ITR in the previous financial years and now you are disclosing some money/ cash which has not been declared in your ITR, then how much penalty you have to pay on your undisclosed money. Here is the Complete calculation of Tax and 200% penalty even when you filed ITR :

  • Say if You have filed the ITR of FY2016-17 will ideally have to pay tax and fine shall start from the highest slab of their declared income for e.g. if you have declared 5 lakh taxable income and now you are depositing 1lakh undisclosed income then the fine will not be NIL. It will be calculated as 20% on 1L + 200% Fine, It will be around 60,000/- Rs. fine not NIL.

And So on… Please note that Above Calculations are based upon assumption of 200% Penalty , Which is announced by Govt of India Recently

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  1. This calculation seems to be for those who’ve not filed any ITR ever (i.e. 0 Declared Money e.g. Housewives)

    For those who have filed ITR or have TDS for FY2016 17 will ideally have tax & fine starting from the highest slab that their declared income has already reached.
    i.e. If i have 10 lakh declared taxable income and now i deposit 2 lakh undeclared income my tax and fine will not be NIL. It’ll be 180000 (30% on 2L + 200% fine).

    Of course, Revenue secretary Hasmukh Adhia was quoted saying that only deposits greater than 2.5 lakh will be monitored. But then again any deposit above 50 thousand is already tracked by ITDept

  2. TSV Murali Krishna

    Dear Sir,
    If any person ready to pay according to the above, is it not necessary to show proof of income? or though he pay the penalty etc. he has to show income proof ? Please clarify…

    • You will be firstly ask for the source and if in case you are not presenting the satisfactory reply, then after after this calculation is applicable. Kindly refer to Govt. Authority Regulation for more info.


  3. Any poor people that have no money deposit in their bank account before this if he / she deposit money 250000 near about then he/ she liable for any panelty…

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