CHECK IF YOU

QUALIFY FOR

ADVANCE TAX PAYMENT

A SENIOR CITIZEN ?Age 60 or Above

YESSTOP HERE

NOCONTINUE FURTHER

If Senior Citizens have income from Business or Profession or consultant income, they are also required to pay Advance Tax.

S.No Description of Income / ConditionsTick if

applicable

1 Have you worked for 2 Employers or more from April 2014 till date ?

2Have you earned Interest Income (or) Do you expect to earn Interest Income between 1st April 2014 to 31st March 2015 ? Could be Interest Savings Account, Fixed Deposits, Recurring Deposits, NSC, SCSS, etc

3You receive Rental Income (Commercial or Residential) and are not declaring the same to your Employer

4Have you made Capital Gains Profits from Sale of Mutual Funds (or) Shares (or) Property between 1st April 2014 to date ?

5Do you expect to earn any Commission income (or) Professional Income (or) Business ?

6 Earning Agricultural Income exceeding Rs.5000 in a Financial Year

7If you are not employed but receive any Income exceeding Rs.2,00,000 in a Financial Year

S.No Description of Income / ConditionsTick if

applicable

1 Have you worked for 2 Employers or more from April 2014 till date ?

2Have you earned Interest Income (or) Do you expect to earn Interest Income between 1st April 2014 to 31st March 2015 ? Could be Interest Savings Account, Fixed Deposits, Recurring Deposits, NSC, SCSS, etc

3You receive Rental Income (Commercial or Residential) and are not declaring the same to your Employer

4Have you made Capital Gains Profits from Sale of Mutual Funds (or) Shares (or) Property between 1st April 2014 to date ?

5Do you expect to earn any Commission income (or) Professional Income (or) Business ?

6 Earning Agricultural Income exceeding Rs.5000 in a Financial Year

7If you are not employed but receive any Income exceeding Rs.2,00,000 in a Financial Year

Do you have 1 or more “tick” ?If Yes, then continue to the next slide

Calculate based on your Total Income (Include all the Incomes from all sources), the Additional Tax you are expected to pay (Actual Tax Liability – TDS).

If this balance (Additional Tax) exceeds by Rs.10,000 – You are required to make Advance Tax payments.

See next slide for an Example --------------

S.No Description of Income / ConditionsTick if

applicable

1 Have you worked for 2 Employers or more from April 2014 till date ? X

2Have you earned Interest Income (or) Do you expect to earn Interest Income between 1st April 2014 to 31st March 2015 ? Could be Interest Savings Account, Fixed Deposits, Recurring Deposits, NSC, SCSS, etc

1,00,000

3You receive Rental Income (Commercial or Residential) and are not declaring the same to your Employer

Declared to

Employer

4Have you made Capital Gains Profits from Sale of Mutual Funds (or) Shares (or) Property between 1st April 2014 to date ?

X

5Do you expect to earn any Commission income (or) Professional Income (or) Business ?

X

6 Earning Agricultural Income exceeding Rs.5000 in a Financial Year X

7If you are not employed but receive any Income exceeding Rs.2,00,000 in a Financial Year

X

Example

Description of Income / Conditions Value

Interest Income Earned from 1st April 2014 to Date 1,00,000

Expected Savings Account Interest Income, exceeding Rs.10,000 5,000

Expected Interest Income from Today to 31st March 2015 1,45,000

TOTAL ADDITIONAL INCOME [ A ] 2,50,000

My Tax Slab (Income is more than 10 Lakhs but less than 1 Crore) [ B ] 30.90%

TOTAL TAX ON ADDITIONAL INCOME [C] = [A] x [B] 77,250

TDS Deducted/Deductible by the Bank [ For FD Interest, Bank deducts 10% TDS ] [D]

24,500

BALANCE TAX PAYABLE [C] – [D] 52,750

Example

Advance Tax 1st

Installment (30%)Advance Tax 2nd

Installment (30%)Advance Tax 3rd

Installment (40%)

15th September 15th December 15th March

Pay Rs.15,825 Pay Rs.15,825 Rs.21,100

Salary Income & Exemptions not considered as the same would be considered by your Employer

Description of Income / Conditions Value

Interest Income Earned from 1st April 2014 to Date 1,00,000

Expected Savings Account Interest Income, exceeding Rs.10,000 5,000

Expected Interest Income from Today to 31st March 2015 1,45,000

TOTAL ADDITIONAL INCOME [ A ] 2,50,000

My Tax Slab (Income is more than 10 Lakhs but less than 1 Crore) [ B ] 30.90%

TOTAL TAX ON ADDITIONAL INCOME [C] = [A] x [B] 77,250

TDS Deducted/Deductible by the Bank [ For FD Interest, Bank deducts 10% TDS ] [D]

24,500

BALANCE TAX PAYABLE [C] – [D] 52,750

Example

Advance Tax 1st

Installment (30%)Advance Tax 2nd

Installment (30%)Advance Tax 3rd

Installment (40%)

15th September 15th December 15th March

Pay Rs.15,825 Pay Rs.15,825 Rs.21,100

Congratulations ! You have just saved Rs.5500/- of

unnecessary Tax, Interest and Penalty because you paid Advance

Tax…

We can also assist you in Accurate Calculation of your Advance Taxes and help you save MORE tax.

Please do contact us for support / assistance – write to isupport@taxbingo.com or call 1800-1033-829

or 093611-41445