This user-friendly Advance tax Calculator can be used by Resident Individuals (including Sr. Citizens, Very / Super Senior Citizens and HUFs) for calculation of
Taxable Income after taking into account income from all sources and eligible deductions,
Income Tax, Cess, Surcharge, Marginal Relief and Total Tax Liability under both New and Existing Tax Regimes (Rates) and
Advance Tax Payable and Advance tax Due on Advance Tax Due Dates during the year.
What is Advance Tax?
Advance tax is payment of Income Tax on Pay As You Earn basis.
It involves estimation of total income from all sources for the year, calculation of estimated Income Tax Liability and its payment instalments as per due dates provided in income Tax Act / Rules.
What are provisions relating to payment of Advance Tax?
The important provision of Income Tax Act / Rules relating to payment of Advance Tax are :
No advance tax is payable if the total tax liability after reducing the tax deducted at source is less than Rs. 10,000/-.
If Advance Tax is not paid in full for installments falling due on 15th June, 15th September and 15th December, interest at the rate of 1% on the short amount for 3 months is to be paid u/s 234 C.
If Advance Tax is not paid in full for installments falling due on 15th March, interest at the rate of 1% on the short amount for 1 month is to be paid. If you delay payment of the last instalment in March by even a day, you will have to pay interest on the entire instalment amount.
If you do not pay advance tax at all or if the aggregate paid by March 31 is less than 90 per cent of the total tax payable, you will have to pay an interest of 1 per cent per month on the deficit amount from April 1 of the following year till the date you file your return u/s 234 B.
If tax is paid after due date for filing of return, an interest of 1 per cent per month is payable on the deficit amount from the due date of filing of return till the date of payment of deficit u/s 234 A.
What are Advance Tax Due Dates & Installments?
The Advance Tax Due Dates and Installment are as under :
Advance Tax Installment Amount
At least 15% of Tax on total income for the year.
At least 45% of Tax on total income for the year less advance tax already paid.
At least 75% of Tax on total income for the year less advance tax already paid.
100% of Tax on total income for the year less advance tax already paid.