Advance Tax Calculator Online - Estimate Advance Tax Payable | Bizeneed

Advance tax is the tax paid in installments during the financial year rather than as a lump sum at year-end. Any individual whose total tax liability for the year exceeds Rs. 10,000 after deducting TDS must pay advance tax. This typically includes self-employed professionals, business owners, freelancers, and those with significant capital gains.

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, the 4th installment is due by March 31.

Under Section 87A, resident individuals whose total income does not exceed Rs. 7,00,000 can claim a rebate up to Rs. 25,000. This means no tax is payable for incomes up to Rs. 7 lakh under the old regime. The rebate is available only to resident individuals, not to NRIs, companies, or firms.

Under Section 234B, if you have paid less than 90% of your total tax liability as advance tax, you are liable to pay interest at 1% per month (or part thereof) on the shortfall amount. This interest applies from April 1 of the assessment year until the date of regular filing of your return.

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, 45% by September 15, or 75% by December 15, interest is levied on the shortfall from the due date until the date of actual payment.

Surcharge is an additional tax on the income tax amount. It applies when total income exceeds Rs. 50 lakh: 10% for income above Rs. 50 lakh, 15% above Rs. 1 crore, 25% above Rs. 2 crore, and 37% above Rs. 5 crore. Surcharge is calculated before adding the 4% health and education cess.

Yes, resident senior citizens (60 years or older) who do not have income from business or profession are exempt from paying advance tax. They can pay their entire tax liability as self-assessment tax before filing the return. However, senior citizens with business or professional income must pay advance tax.

While you can technically pay the entire advance tax in one go before March 15, doing so may attract interest under Section 234C if the payments were due in earlier quarters. Each installment has a specific due date, and deferment beyond those dates will result in interest charges. Our calculator shows you the interest impact of late installments.

The old tax regime allows various deductions (80C, 80D, HRA, etc.) resulting in lower taxable income. The new regime has lower slab rates but most deductions are not available. The choice depends on your income structure and deductions claimed. Our calculator uses old regime slabs with deductions to compute your tax liability.

Advance tax is applicable only if your total tax liability for the financial year exceeds Rs. 10,000 after deducting TDS/TCS. If your tax liability is Rs. 10,000 or less, you are not required to pay advance tax. However, any amount paid will be adjusted against your total tax liability.

Advance tax can be paid online through the NSDL or UTIITSL portal using Challan ITNS 280. Select Tax Type as '300 - Advance Tax'. You will need your PAN, assessment year, and address details. You can also pay through your bank's net banking facility under the tax payment section.

Yes, you can adjust your advance tax payments in subsequent installments if your income or deductions change during the year. For example, if you realize a large capital gain in December, you can increase your December 15 payment. However, any shortfall that should have been paid earlier may attract interest under Section 234C.