What is Advance Tax?

Advance tax is a system of income tax payment in which taxpayers pay their estimated tax liability in installments throughout the financial year rather than making a lump-sum payment at the end of the year. It aims to reduce the tax burden on the taxpayers by enabling them to pay as they earn instead of paying a hefty sum at the end, and it also gives the government a steady flow of revenue throughout the year.

What is Advance Tax Calculator?

Advance Tax Calculator is a tool that helps taxpayers to calculate your advance tax liability with ease. You just need to input the details like residential status, income details, deductions, taxes deducted and advance taxes already paid and it will auto-calculate the advance tax liability for the quarter. This calculator simplifies the process of planning for advance tax payments, ensuring compliance with tax regulations and helping taxpayers manage their finances more effectively.

What are the Due Dates for Advance Tax?

The due dates for the Advance tax payment is as follows:

For taxpayers who have opted for Presumptive Taxation Scheme under sections 44AD & 44ADA – Business Income

How to Use the Advance Tax Calculator?

The following are the steps to use the tax calculator:

Step 1: Choose the assessee type, age group and residential status applicable to you and click “Go to Next Step”.

Step 2: Input all your Income details and click on “Go to Next Step”

Step 3: Enter your tax-saving investments under Section 80C, 80D, 80E, 80G, 80TTA and other deductions available to you.

Step 4: Enter all the details of the taxes deducted during the year and the advance tax already paid in the previous instalments, and click “Calculate.”

Step 5: The summary of your advance tax liability as per the new and old regimes will be displayed.