Advance Tax Calculator
Calculate your quarterly advance tax installments and avoid interest penalties under Section 234B and 234C.
Income Details
Advance Tax Applicable
Your net tax liability is ₹80,000. You must pay this in 4 quarterly installments to avoid interest penalties.
Payment Schedule Visualizer
Compliance Tips
Avoid Section 234B
If you don't pay 90% of your total tax by March 31, you'll be charged 1% interest per month on the shortfall.
Senior Citizen Exemption
Resident senior citizens (60+) not having any income from business or profession are exempt from paying advance tax.
Everything About Advance Tax
Advance tax is the income tax that is paid in installments during the financial year instead of a lump sum at the end of the year. It is also known as the "pay-as-you-earn" scheme.
Who must pay?
Any individual whose estimated tax liability for the year is ₹10,000 or more after deducting TDS. This includes salaried employees with high rental or interest income.
Why pay it?
Failure to pay advance tax or late payment attracts interest penalties under Section 234B and 234C of the Income Tax Act.
Payment Schedule & Deadlines
| Deadline | Cumulative Tax Payable |
|---|---|
| On or before 15th June | 15% of total tax |
| On or before 15th September | 45% of total tax |
| On or before 15th December | 75% of total tax |
| On or before 15th March | 100% of total tax |
Frequently Asked Questions
What happens if I miss an advance tax deadline?
If you miss a deadline or pay less than the required amount, you will be liable to pay interest at the rate of 1% per month on the defaulted amount under Section 234C.
How do I pay advance tax online?
You can pay advance tax online through the e-filing portal of the Income Tax Department using Challan No. ITNS 280.
Is advance tax applicable to salaried individuals?
Usually, for salaried individuals, the employer deducts tax (TDS). However, if you have other income (like interest or capital gains) and the tax on that isn't covered by TDS, you must pay advance tax.
Can I adjust my advance tax if my income estimates change?
Yes, you can re-estimate your income and tax liability at any time during the year and adjust your subsequent advance tax installments accordingly.