Depositing money? Find out how much tax you will have to pay...
- If government slaps a fine of 200% on deposits, you will not even get 10% of your money for deposit
- If you deposit ₹50 lakh, after all deductions your account will be left with ₹10,25,000 only
- But there are talks that government is likely to slap a tax of 15% to 25%
- Here is the list which will show you the ‘deposit-tax ratio’ if 200% fine is imposed
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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.
Last Updated Mar 31, 2018, 7:03 PM IST
