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How do you convert black money to white in a trust?
Formulation of Trust & doing Charity Another popular way used by people to convert black money to white is by formulating trust for social cause. They make executive bodies of own people in trust sometimes illiterate people like driver cook etc. They donate black money to this trust as charity to convert black money.
What is the tax for 2 crore in India?
Surcharges on tax remain untouched. Taxpayers with income between Rs 50 lakh and Rs 1 crore continue to pay 10\% surcharge, between Rs 1 crore and Rs 2 crore pay 15\%, between Rs 2 crore and Rs 5 crore pay 25\% and those with income over Rs 5 crore pay 37\%.
How much tax do I have to pay?
What is the Existing / Old Income Tax Regime?
Income Range | Tax rate | Tax to be paid |
---|---|---|
Up to Rs.2,50,000 | 0 | No tax |
Between Rs 2.5 lakhs and Rs 5 lakhs | 5\% | 5\% of your taxable income |
Between Rs 5 lakhs and Rs 10 lakhs | 20\% | Rs 12,500+ 20\% of income above Rs 5 lakhs |
Above 10 lakhs | 30\% | Rs 1,12,500+ 30\% of income above Rs 10 lakhs |
Is there a 200\% penalty if you deposit black money?
If you have a black money and if you are planning deposit black money, be ready to pay 200\% penalty. The news of 200\% penalty is shocking. After hearing this news many people are worried that how much tax they need to pay actually if they deposit black money in the account.
How much tax will I pay if I win 1 crore KBC?
If you win Rs. 1 crore in KBC then u will take home 69.10 lakhs i. e after deduction of TDS at the rate of 30.9\%. However this is not the whole tax which you will pay. While filing your income tax return you will mention such income as taxable in income from other sources.
Can I take 70 lakhs after deducting TDs at 30\%?
You can take 70 Lakhs to home after deducting TDS at 30\%. But at the time of filing Income Tax Return you have to pay tax on Total Income (prize amount along with your other sources of income) and you can deduct the TDS from the total amount of tax payable by you. In no way you can claim refund of the amount deducted as TDS.
What is the tax on home takeaway from KBC?
When u win a prize money of Rs.1 crore from KBC your home takeaway will be Rs.70 lacs after deduction of taxes i.e. tax deducted at source (TDS) of Rs.30 lacs (30\% on Rs. 1 crore) u/s 194B of income tax act. You are liable to pay 30\% flat on winning that results in 70 Lakhs in hand.