Advance Tax Calculator - Calculate Your Tax Installments Easily


Advance Tax Calculator

Important Notes:



Frequently Asked Questions (FAQs) on Advance Tax

1. What is advance tax?

Advance tax is the income tax payable if your tax liability exceeds ₹10,000 in a financial year. It must be paid in the same year in installments as per prescribed due dates.

2. Who needs to pay advance tax?

Any individual, self-employed professional, company, or firm with expected tax liability of ₹10,000 or more during the financial year must pay advance tax. However, senior citizens without business income are exempt.

3. What are the due dates for advance tax payments?

Advance tax is paid in four installments: 15% by June 15, 45% by September 15, 75% by December 15, and 100% by March 15. Taxpayers under sections 44AD, 44ADA, and 44AE must pay 100% by March 31.

4. What happens if I miss the advance tax due date?

If you fail to pay advance tax on time, interest may be charged under Sections 234B and 234C of the Income Tax Act. This can increase your total tax liability.

5. How does this Advance Tax Calculator help?

Our Advance Tax Calculator helps you compute your advance tax liability accurately based on your income, age, tax regime, and whether you opt for presumptive taxation under sections like 44AD, 44ADA, or 44AE.

6. What is the difference between Financial Year and Assessment Year?

The Financial Year (FY) is the year in which you earn income, and the Assessment Year (AY) is the year following it, in which your income is assessed and taxed.