ADVANCE TAX Calculator shall calculate your tax liability on your net total income as on 31st March 2008 as per the rates applicable for the financial year 2007-08. The applicable rates are as follows:
For males below 65 years of age:
Income up to Rs. 110,000/ = Nil
Income between Rs 110001- 150,000 = 10%
Income between Rs 150,001-250,000 = 20%
Income above Rs.250,000 30%
For females below 65 years of age:
Income up to Rs. 145,000/= Nil
Income between Rs 145,001- 150,000 = 10%
Income between Rs 150,001-250,000 = 20%
Income above Rs.250,000 = 30%
For Senior citizens i.e males, females above 65 years
Income up to Rs. 195,000/= Nil
Income between Rs 195,001-250,000 =20%
Income above Rs.250,000 = 30%
For males below 65 years of age:
Income up to Rs. 110,000/ = Nil
Income between Rs 110001- 150,000 = 10%
Income between Rs 150,001-250,000 = 20%
Income above Rs.250,000 30%
For females below 65 years of age:
Income up to Rs. 145,000/= Nil
Income between Rs 145,001- 150,000 = 10%
Income between Rs 150,001-250,000 = 20%
Income above Rs.250,000 = 30%
For Senior citizens i.e males, females above 65 years
Income up to Rs. 195,000/= Nil
Income between Rs 195,001-250,000 =20%
Income above Rs.250,000 = 30%
- In all cases above a Surcharge of 10% is applicable if income exceeds Rs.10,00,000/-
- Additional Education Cess of 3% is applicable in all cases.
Out of the total tax liability every individual assessee is expected to pay an advance tax installment equal to 30% of the total tax due by 15th September, 60% by 15th December and 100% by 15th March of the financial year. However, for the salaried employees the employers are under obligation to deduct tax on monthly basis and deposit it with the government on behalf of the employee.
