how much tax for above 2.5 lakhs to exchange old rupees

tax india

Tax details for exchanging above 2.5 lakh:-

Want to exchange more than 2.5 lakh?

The government has allowed citizens to deposit in their bank accounts old currency of Rs 500 and Rs 1,000 denominations, which had been declared invalid in the nation’s biggest crackdown on black money, corruption and counterfeit notes, between November 10 and December 30.

In another late night announcement, the government warned that cash deposits above Rs 2.5 lakh during the 50-day window to return 1000- and 500-rupee notes could be taxed while a 200% penalty would be applied to deposits that don’t match declared incomes.

“We will be getting reports of all cash deposited during the period of November 10 to December 30, 2016, above a threshold of Rs 2.5 lakh in every account. The (tax) department would do matching of this with income returns filed by the depositors. And suitable action may follow,” revenue secretary, Hashmukh Adhia, said.

you can also see about the duration of  exchange period in this link Details of exchanging old 500 and 1000 rupees in Bank

TAX

if you are depositing more than 2.5 lakh then you can check the below table for the approximate taxation :-

tax

Instead of throwing and firing the black money pay the tax and convert it to white money

 

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