| Particulars | Particulars |
|---|---|
| Total Tax Payable | ₹ 0 |
| Installment | 0 |
| Tax To be Deposited | ₹ 0 |
| Tax Credits | ₹ 0 |
| Outstanding | ₹ 0 |
| Interest u/s 234c | ₹ 0 |
| Tax Dues | ₹ 0 |
| Particulars | Particulars |
|---|---|
| Total Tax Payable | ₹ 0 |
| Installment | 0 |
| Tax To be Deposited | ₹ 0 |
| Tax Credits | ₹ 0 |
| Outstanding | ₹ 0 |
| Interest u/s 234c | ₹ 0 |
| Tax Dues | ₹ 0 |
| Particulars | Particulars |
|---|---|
| Total Tax Payable | ₹ 0 |
| Installment | 0 |
| Tax To be Deposited | ₹ 0 |
| Tax Credits | ₹ 0 |
| Outstanding | ₹ 0 |
| Interest u/s 234c | ₹ 0 |
| Tax Dues | ₹ 0 |
Advance Tax Calculator with TaxSpanner
Advance tax is a vital component of India’s tax system, designed to make sure a steady stream of revenue for the government while easing the financial burden on taxpayers. TaxSpanner’s Advance Tax Calculator takes the hassle out of tax planning, helping you manage your payments effortlessly.
What is Advance Tax?
Advance tax, also known as pay-as-you-earn tax, is a system where taxpayers make periodic payments based on their estimated annual tax liability. Instead of a single, lump-sum payment at the end of the financial year, advance tax divides your tax burden into manageable instalments throughout the year.
Why Advance Tax Matters?
Understanding and calculating your advance tax helps maintain a steady flow of revenue for government initiatives and aids in better financial management for you. By making regular payments, you avoid the shock of a large tax bill and benefit from organized financial planning.
Who Needs to Pay Advance Tax?
Advance tax is mandatory for individuals and professionals with an annual tax liability of at least Rs. 10,000. This includes those with presumed income schemes. However, resident senior citizens aged 60 or above who do not earn from business or profession are exempt from this requirement.
Key Dates for Advance Tax Payments
- June 15: Pay 15% of your total advance tax liability
- September 15: Pay 45% of your total advance tax liability
- December 15: Pay 75% of your total advance tax liability
- March 15: Settle 100% of your advance tax liability
Adhering to these deadlines is crucial to avoid penalties and smooth compliance with tax regulations.
Penalties for Late Payment:
- Section 234B: Penal interest if less than 90% of the assessed tax is paid.
- Section 234C: Interest at 1% per month for delayed payments.
How to Calculate Advance Tax with TaxSpanner
- Estimate Your Total Income: Include all sources of income, such as salary, business, capital gains, and rental income.
- Apply Eligible Deductions: Subtract deductions under sections like 80C, 80D, etc., to determine your net taxable income.
- Calculate Taxable Income: Deduct the eligible deductions from your total income to find your taxable income.
- Apply Tax Rates: Use the current tax slabs to calculate your tax liability based on your taxable income.
- Subtract TDS: Reduce your tax liability by any Tax Deducted at Source (TDS).
- Divide Into Instalments: Break down your tax liability into instalments as per the due dates.
- Pay on Due Dates: Make sure to pay each instalment on or before the due dates to avoid penalties.
Use TaxSpanner’s Advance Tax Calculator for Precise Results
Our advanced calculator provides accurate results, helping you manage your tax payments with ease. Simply input your income details, and let the calculator handle the rest.
By using TaxSpanner’s Advance Tax Calculator, you avoid these penalties and ensure timely payments, keeping your finances in check and staying compliant with tax laws.
