Advance tax calculator for FY 2014-15 and AY 2015-16

In union budget 2014, income tax slabs has been refined in which the exemption limit of income tax has been raised by 50000 to 2500000. Also the 80C deduction is also increased by 50000 to 150000. So it's completely different calculating the advance tax liability for Finance year 2014-15 relevant to assessment year 2015-16.

Income tax slabs for fy 2014-15 and assessment year 2015-16 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 10% 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%

 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%

Advance tax calculator for financial year 2014-15 is as under


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