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Tuesday, June 21, 2011

ADVANCE TAX CALCULATOR FOR FINANCIAL YEAR 2011-12

As you know the finance minister has changed somehow the income tax slabs for the financial year 2011-12 and the assessment year 2012-12. So with these changes, advance tax liability has also changed for the financial year 2011-12. For this financial year the income tax slabs are as under.

                                    Men                          Women                                                 Senior Citizen
Basic Exemption           180000                    190000                                                  250000
10% tax                    180001 to 500000      190001 to 500000                                 250001 to 500000
20% tax                    500001 to 1000000    500001 to 1000000                               500001 to 1000000
30% tax                   Above 1000000            Above 1000000                                   Above 1000000

So in this budget, the income tax department gives a slight relief to the taxpayers in the catagory of men and senior citizen, whereas women category remained unchanged. 
Advance tax is a tax which need to be deposit in the interim of the year to the assessee whose income tax liability for the financial year is above Rs. 5000. The dates of advance tax to be submitted are as under.
15 September- 30%
15 December-  30%
15 March-       40%
So this is the advance tax calculator for the financial year 2011-12 and the assessment year 2012-13.
Download Advance tax calculator
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