Thursday, November 17, 2016

How Much Taxes To Be Paid If You Deposit Black Money In Bank Account

When any person deposits some cash amount in his bank account and it is established that such deposit is an unaccounted money (black money), the entire deposit shall be charged to tax without providing the benefit of slab rates. We have analysed the tax impact in three different scenarios, when the amount deposited in bank account is proved to be black money. We request our readers to not rely on the table being circulated in social networking platforms wherein benefit of slab rates and exemption limit is given on black money.

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