According to the rules, those depositing below ₹2.5 lakh will not have to pay any tax. But those depositing more than that amount will have to pay a fine of ₹200%.

 

However, the sources close to the government have said that ₹200% tax would be too much and the Centre is likely to levy a tax of 15% to 25% tax on the deposits above ₹2.5 lakh.

 

Ministers in the PM Modi Cabinet are also known to be pressing for at least 45% fine. So far no decision has been taken on the issue yet.

 

However, if the government slaps a fine of 200% on large deposits, the amount you need to pay will blow your mind.

 

This list below will help you understand how much tax you need to pay while depositing your money.