Black Money Tax Calculator

Online black money tax calculator to find the tax amount payable for depositing a sum of undisclosed income above 2.5 lakhs. Rs 1000 & 500 currency notes was banned in India from November 9, 2016. People are allowed to exchange old notes with new currencies in banks. A penalty of 50% (30% tax, 10 % penalty, 33% surcharge) rate is applied for undisclosed income of above 2.5 lakhs and if seized by IT department a total of 77.5% (60% tax, 25 % surcharge, 2.5% cess) rate is applied.

Penalty on Undisclosed Income in India

Note:

Above Calculation is based on the new tax amendment bill announced by Indian government.

Declaration Under Scheme
Particulars Tax Rate
Tax 30 %
Surcharge (33% of Tax) 9.9 %
Penalty 10 %
Total 49.9 %
Note: Additional 25% of amount refundable after 4 years only
If Seized by Govt.
Particulars Tax Rate
Tax 60 %
Surcharge (25% of Tax) 15 %
Cess (3% of Tax + Surcharge) 2.5 %
Total 77.5 %
Note: Additional 10% penalty may be applicable in some cases
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Black Money Tax Calculation

How much tax is payable for black money of Rs. 1000000

First 2.5 lakhs is exempted for tax payment.
Hence, you need to find the tax amount for the remaining undisclosed amount.
1000000 - 250000 = Rs.750000

Declaration Under Scheme

Tax Rate on Undisclosed Income - 30 %
= (30/100) x 750000
= Rs. 225000
Surcharge - 33% of Tax (9.9%)
= (9.9/100) x 7500000
= Rs.74250
Total Tax Amount = 225000 + 74250
= Rs.299250
Penalty - 10 %
= (10/100) x 750000
= Rs.75000
Total Tax Payable = 299250 + 75000
= Rs.374250
Deposit in Scheme Refundable after 4 years = 1,87500
Net Cash in Hands = 750000 - 374250
= Rs.188250

Tax Payable When Seized

Tax on Undisclosed Income - 60 %
= (60/100) x 7500000
= 450000
Surcharge - 25 % of Tax (15%)
= (15/100) x 7500000
= Rs. 112500
Cess - 3 % of Tax + Surcharge (2.5%)
= [(2.5/100) x 7500000
= Rs. 18750
Total Tax = 18750 + 450000 + 112500
= Rs. 581250
Net cash in hands = 7500000 - 581250
= Rs. 168750

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