Advance tax Calculator

An Easy-to-Use Advance Tax Calculator to Estimate Your Tax Liability and Plan Timely Payments

What Is Advance Tax

Advance tax is a system in which taxpayers pay their taxes in installments over the fiscal year rather than filing at the end of the year. This concept is also called "pay as you earn". Meaning, advance tax aims to reduce the tax burden by enabling taxpayers to pay as they earn, rather than paying a hefty amount at the end of the financial year. This, in turn, gives the government a steady revenue flow throughout the year.

What is an Advance Tax Calculator?

The advance tax calculator is a tool that helps taxpayers easily compute their advance tax liability for the financial year. All you have to do is enter the required details, such as residential status, deductions, income details, taxes deducted, and advance taxes already paid. After entering the details, it will automatically calculate the advance tax liability for the quarter.

Furthermore, the calculator streamlines the entire planning process for advance tax payments, ensuring 100% compliance with tax regulations and helping taxpayers manage their yearly finances effectively.

What Are The Due Dates For Advance Tax?

The following table demonstrates the due date for the advance tax payment.

Due Date	Advance Tax Payment Percentage (%)
On or before June 15th	15% of the advance tax payment
On or before September 15th	45% of the advance tax (-) advance tax already paid.
On or before December 15th	75% of the advance tax (-) advance tax already paid.
On or before March 15th	100% of the advance tax (-) advance tax already paid.

As a taxpayer, if you have opted for the Presumptive Taxation Scheme under Section 44AB and Section 44ADA - Business Income

Due Date	Advance Tax Payment Percentage
On or before March 15th	100% of the advance tax

How To Use Savetaxs Advance Tax Calculator

The following are the steps for using the advanced Savetaxs Advance tax calculator.

Step 1: Choose the assesse type and tax regime applicable to you, and click on "Go to the Next Step".

Note: If you have opted for the old tax regime, you must also enter your age group.

Step 2: Enter all income details, then click "Go to the Next Step".

Step 3: Enter the Tax Diving Investments under Section 80C, Section 80D, Section 80E, Section 80G, Section 80TTA, and the tax credit available to you, along with the already paid advance tax in the previous income, and click on continue.

Step 4: Your advance tax liability summary, as per the tax regime (old tax regime or new tax regime) you have selected, will be displayed.

How To Calculate Advance Tax - An Example

Assume a taxpayer, Mr. Gupta, with the following details for the fiscal year.

Salary income: Rs 20,00,000
Rental Income: Rs 2,00,000
Deduction under Section 80C: Rs 1,50,000
Tax deducted at Source (TDS): Rs 2,00,000

The Calculation

Estimate total income: Rs 20,00,000 + Rs 2,00,000 = Rs 22,00,000
Deductions: Rs 22,00,000 - Rs 1,50,000 = Rs 20,50,000 (Taxable Income)
Apply Tax Slab: Calculate the tax liability based on the applicable tax slabs.
Calculate total tax liability: Consider it to be Rs. 4,00,000.
Subtract the TDS: Rs 4,00,000 - Rs 2,00,000 = Rs 2,00,000 (Advance Tax Payable)

Total Advance Tax Payable: Rs 2,00,000

Due Date	Advance Tax Payable	Amount
15 June	15% of the advance tax	Rs 30,000
15 September	45% of the advance tax	Rs 60,0000 (90,000 - 30,000)
15 December	75% of the advance tax	Rs 60,000 (1,50,000 - 90,000)
15 March	100% of the advance tax	Rs 50,000 (2,00,000 - 1,50,000)

Savetaxs advance tax calculator is an easy-to-use tool that helps taxpayers determine how much advance tax they require to pay during the financial year. NRIs can calculate advance tax using Savetaxs advance tax calculator and stay compliant, manage their taxes more efficiently, and avoid interest.

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Advance tax Calculator