Calculate Advance Tax

Advance Tax


Advance tax is a mean of payment of tax where the assessee pays tax while he earns in installments instead of lump sum payment at end of the year. Advance tax is paid if the total income exceeds Rs. 10,000 in a financial year. Seniors citizens older than 60 years of age who don’t run a business are exempted from payment of advance tax. These installments should be paid on or before the due dates. The due dates for payment of installments of advance tax are as follows:



It is very easy to calculate an advance tax. Tax is paid on basis of estimated income for the financial year; such income is estimated on basis of last year’s income. Advance tax can be calculated in the following manner:
TAX is calculated as per SLAB rates as follows:

  • For individuals Below 60 years of age
  • For individuals above 60 years but below 80 years of age
  • For individuals above 80 years of age 


Due Dates of payment of advance tax

An assessee is liable to pay the installments of tax on or before the following dates:

particulars Amount
Estimated Total income from salaries/business/profession XXXX
Estimated income from house property XXX
Estimated Income from capital gains XXX
Estimated Income from other sources XXX
Total estimated income XXXX
Less: Carry forwarded Losses XXX
Less: Deductions under section 80C-80U XXX
Taxable Income XXXX
Tax payable as per Slab rates XXX
Income tax payable XXX
Add: Educational cess @2% and higer education Cess @1% XXX
Total tax liability XXX
Less: Relief of tax under section 90,90A,91 XXX
Less: TDS as in Form16/16A and reflected in Form 26AS XXX
Advance tax liablity XXXX
Income Levels Tax Rates
Upto 2,50,000 Nil
2,50,000-5,00,000 10%
5,00,000-10,00,000 20%
Above 10,00,000 30%
Income Levels Tax Rates
Upto 3,00,000 Nil
3,000,000-5,00,000 10%
5,00,000-10,00,000 20%
Above 10,00,000 30%
Income Levels Tax Rates
Upto  5,00,000 Nil
5,00,000-10,00,000 10%
Above 10,00,000 20%
Due date Corporate Assessee (company) Non Corporate Assessee
Upto 15th june 15% of tax Not applicable
Upto 15th septmber 45% of tax 30% of tax
Upto 15th December 75% of the tax 60% of the tax
Upto 15th march 100% of the tax 100% of the tax

Related Post: Pay your self-assessment tax- Guide

For any help on ITR Filing feel free to consult the tax experts at Taxraahi. You can file ITR yourself via our ITR software or get CA’s help on filing income tax return. You can also use the option of Business ReturnBulk Return or Revised Return Filing.

By | 2018-08-08T09:11:39+00:00 June 24th, 2016|Categories: Tax payments and Refund, Tax Savings|Tags: , |1 Comment

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  1. […] Advance tax is a way of collection of tax by the government. If total income of an asessee exceeds Rs 10,000 in a financial year, tax is payable in installments of your yearly tax payable. It should be paid in the year in which the income is earned. In other words, it is ‘Pay as You Earn’ approach. Income can be earned from many sources like salary, interest, rent received etc. […]

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