Advance Tax Calculator

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.

For individuals and HUFs whose accounts are not required to be audited, the due dates are: 15% by June 15, 45% by September 15, 75% by December 15, and 100% by March 15 of the financial year. For companies and taxpayers requiring audit, all four installments are due by June 15, September 15, December 15, and March 31 respectively.

Under Section 234B, interest at 1% per month (or part thereof) is charged if you have paid less than 90% of your total tax liability as advance tax. This applies from April 1 of the assessment year until the date of filing your return of income. The purpose is to ensure taxpayers pay at least 90% of their tax during the financial year.

Under Section 234C, interest at 1% per month (or part thereof) is charged for deferment of advance tax installments. If you pay less than 15% by June 15, less than 45% by September 15, or less than 75% by December 15, interest is levied on the shortfall amount from the respective due date until the actual payment date.

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 234C because each installment has a specific due date. Any shortfall relative to the installment schedule will incur 1% monthly interest. It is better to pay installments on schedule.

Advance tax can be paid online through the NSDL portal (onlineservices.nsdl.com) or UTIITSL portal using Challan ITNS 280. Select Tax Type as '300 - Advance Tax'. You will need your PAN, assessment year, address, and email. Payment can also be made through your bank's net banking under the tax payment section.

Under the new tax regime, resident individuals with total income up to Rs. 7 lakh can claim a full rebate under Section 87A. This means no tax is payable for incomes up to Rs. 7 lakh in the new regime. The rebate limit was increased from Rs. 5 lakh (old regime) to Rs. 7 lakh in Budget 2023.

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. Surcharge is not applicable if you opt for the new regime with total income up to Rs. 20 lakh.

If you miss an installment, interest under Section 234C will be charged at 1% per month on the shortfall amount from the due date of that installment until the date of actual payment. Additionally, if your total advance tax paid is less than 90% of your total tax liability, Section 234B interest will also apply at 1% per month from April 1 until filing of return.

Agricultural income is exempt from income tax under Section 10(1). 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.