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    Mar 4, 2015

    Advance tax calculator for financial year 2015-16

    In union budget 2015, Finance Minister Mr. Arun Jaitley changes some income tax slabs as putting a surcharge of 12% on the income above Rs. 1 Crore. So it changes the tax liability calculation as well as advance tax payment. So it's rational to check your income tax liability and advance tax liability again.

    Income tax slabs for Financial year 2015-16 relevant to Analysis year 2016-17 are as under.
    For Individual (Male or Female) and H.U.F.
    Slabs
    Income tax rates
    Income upto Rs. 250000
    Nil
    Income Above250000 to 500000
    10%
    Income Above 500000 to 1000000
    20%
    Income more than 1000000
    30%
    - There is an additional exemption under section 87A to the assessee whose income comes in 250001 to 500000, the exemption is on tax amount maximum of 2000 Rupees.
    - Surcharge of 12% is applicable on income abvove Rs. 1 crore.
     - Education cess @3% will be charged on tax amount.

    For Senior sitizen above 60 years but less than 80 years 
    Slabs
    Income tax rates
    Income upto 300000
    NIL
    Income Above300000 to 500000
    10%
    Income Above 500000 to 1000000
    20%
    Income more than 1000000
    30%
    - There is an additional exemption under section 87A to the assessee whose income comes in 250001 to 500000, the exemption is on tax amount maximum of 2000 Rupees.
    - Surcharge of 12% is applicable on income abvove Rs. 1 crore.
     - Education cess @3% will be charged on tax amount.

     For Senior citizen above 80 years 

    Slabs
    Income tax rates
    Income upto 500000
    NIL
    Income Above 500000 to 1000000
    20%
    Income more than 1000000
    30%

    - Surcharge of 12% is applicable on income abvove Rs. 1 crore.
     - Education cess @3% will be charged on tax amount.
    Advance tax calculator for Financial year 2015-16 is as under.


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