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Advance tax is the tax paid in installments during the financial year rather than as a lump sum at year-end. Any person whose estimated total tax liability exceeds Rs. 10,000 after deducting TDS/TCS must pay advance tax. This includes salaried individuals with insufficient TDS, self-employed professionals, business owners, freelancers, and those with capital gains or other taxable income.

All taxpayers liable to advance tax, including companies and audited taxpayers, pay at least 15% by June 15, 45% by September 15, 75% by December 15, and 100% by March 15 of the financial year (section 408 of the Income-tax Act, 2025; formerly section 211). Taxpayers declaring presumptive income pay the whole amount by March 15.

Under section 424 of the Income-tax Act, 2025 (formerly section 234B), simple interest at 1% per month or part of a month is charged if you did not pay advance tax or paid less than 90% of the assessed tax. It runs from April 1 after the tax year until the date your total income is determined on processing of the return (or until regular assessment), on the shortfall.

Interest for deferment of installments is 1% per month for three months on the shortfall against 15% (June 15), 45% (September 15) and 75% (December 15), and 1% on the shortfall against 100% at March 15 (section 425 of the Income-tax Act, 2025; formerly section 234C). No interest arises if at least 12% is paid by June 15 and 36% by September 15.

Yes, resident senior citizens who are 60 years or older and do not have income from business or profession are fully exempt from advance tax. They can pay their entire tax liability as self-assessment tax before filing their return. However, senior citizens with business or professional income must pay advance tax like any other taxpayer.

The old tax regime allows numerous deductions and exemptions (80C, 80D, HRA, 24b, etc.), which can significantly reduce taxable income. The new regime has lower slab rates but removes most deductions and exemptions. Your advance tax liability will differ significantly between regimes. Our calculator lets you compare both instantly.

Yes, you can pay the entire advance tax in one installment before March 15. However, doing so may attract interest under section 425 (formerly 234C) because each installment has a specific due date. It is better to pay installments on schedule.

Advance tax can be paid online through the Income Tax e-filing portal (incometax.gov.in), selecting advance tax as the type of payment and the correct year. You will need your PAN. Payment can also be made through an authorised bank's net banking.

Under the new tax regime, a resident individual with total income up to Rs. 12 lakh gets a rebate of the tax payable up to Rs. 60,000, so no tax is payable on income up to Rs. 12 lakh (apart from income taxed at special rates). Marginal relief applies just above Rs. 12 lakh. This applies from FY 2025-26 under section 87A as amended by the Finance Act, 2025, and from tax year 2026-27 under section 156(2) of the Income-tax Act, 2025. Under the old regime the rebate is up to Rs. 12,500 for income up to Rs. 5 lakh.

Surcharge is calculated on the income tax amount (before cess). It applies when total income exceeds Rs. 50 lakh: 10% for income between Rs. 50 lakh and Rs. 1 crore, 15% between Rs. 1 crore and Rs. 2 crore, 25% between Rs. 2 crore and Rs. 5 crore, and 37% above Rs. 5 crore under the old regime. Under the new regime the highest rate is 25%. Surcharge on dividend income and certain capital gains is capped at 15%.

If you miss an installment, deferment interest is charged at 1% per month for three months on the shortfall against 15% (June 15), 45% (September 15) and 75% (December 15), and 1% on the shortfall against 100% at March 15 (section 425 of the Income-tax Act, 2025; formerly section 234C). No interest arises if at least 12% is paid by June 15 and 36% by September 15. Additionally, if your total advance tax paid is less than 90% of the assessed tax, interest under section 424 (formerly 234B) applies at 1% per month from April 1 after the tax year.

Agricultural income is exempt from income tax (section 10(1) of the 1961 Act; carried into the Income-tax Act, 2025). However, if you have both agricultural income and other taxable income, the agricultural income is considered only for rate purposes (to determine the applicable tax slab on your other income). Since it does not contribute to your total tax liability directly, it does not affect advance tax calculation on its own.

Yes, you can and should revise your advance tax estimate if your income or deductions change during the year. For example, if you sell a property and make a large capital gain in December, you should increase your December 15 payment. Similarly, if your business profit exceeds expectations, adjust the next installment accordingly.

Advance tax is applicable only if your total tax liability for the financial year exceeds Rs. 10,000 after deducting TDS, TCS, and any relief available under Double Taxation Avoidance Agreement (DTAA). If your tax liability is Rs. 10,000 or less, advance tax is not mandatory.

Under presumptive taxation schemes (Sections 44AD, 44ADA, 44AE), eligible taxpayers declare income at a prescribed percentage of turnover without maintaining books. If your presumptive income results in tax exceeding Rs. 10,000, you must pay advance tax on that amount. Many presumptive taxpayers pay all advance tax by March 15 to avoid quarterly tracking.