Calculate Advance Tax, View Due Dates & Rates
Use this calculator for easy calculation of Advance Tax Installments payable on various Due Dates during financial year 2019-20 ( AY 2020-21 ) by Individuals (Resident Individuals, Senior and Very Senior Citizens, HUFs.
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Advance Tax Calculator : Individual Tax Payers for AY 2020-21
Advance Tax, Advance Tax Rates and Due Dates for Individual / HUF
Advance tax is payment of Income Tax on 'Pay As You Earn' basis. It involves estimation of total income from all sources for the year, calculation of estimated Income Tax Liability and its payment instalments as per due dates prescribed income Tax Act / Rules. The important provision of Income Tax Act / Rules relating to payment of Advance Tax are :
- No advance tax is payable if the total tax liability after reducing the tax deducted at source is less than ₹ 10,000/-.
- Senior citizens ( i.e. resident individuals aged 60 years or above ) who do not have any income from business / profession are exempted from the payment of advance tax w.e.f. 01/04/2012.
- In case of eligible assessee as referred to in Section 44AD, it is not required to pay advance tax installments falling due for payment on June 15, September 15 and December 15. In such cases 100% of advance tax is required to be paid by 15th March.
- If Advance Tax is not paid in full for installments falling due on 15th June, 15th September and 15th December, interest at the rate of 1% on the short amount for 3 months is to be paid u/s 234 C.
- If Advance Tax is not paid in full for installments falling due on 15th March, interest at the rate of 1% on the short amount for 1 month is to be paid. If you delay payment of the last instalment in March by even a day, you will have to pay interest on the entire instalment amount.
- If you do not pay advance tax at all or if the aggregate paid by March 31 is less than 90 per cent of the total tax payable, you will have to pay an interest of 1 per cent per month on the deficit amount from April 1 of the following year till the date you file your return u/s 234 B.
- If tax is paid after due date for filing of return, an interest of 1 per cent per month is payable on the deficit amount from the due date of filing of return till the date of payment of deficit u/s 234 A.
Advance Tax : Installments & Due Dates
|Due Date||Advance Tax Installment Amount|
|15th June||At least 15% of Tax on total income for the year.|
|15th September||At least 45% of Tax on total income for the year less advance tax already paid.|
|15th December||At least 75% of Tax on total income for the year less advance tax already paid.|
|15th March||100% of Tax on total income for the year less advance tax already paid.|