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Advance Tax Calculator: Calculate Advance Tax Interest & Computation

What is an Advance Tax Calculator?

How to Calculate Advance Tax Liability?

Advance Tax Computation Explained Through Example

Advance Tax Estimation Amount
Gross Income ₹13,00,000
Fixed Deposit Interest ₹8,000
Gross Total Income ₹13,08,000
   
Deductions under Chapter VI
PPF Contribution
₹50,000
LIC Premium ₹30,000
Medical Insurance ₹15,000
   
Total Income ₹12,13,000
   
Tax Payable ₹1,76,400
Education Cess @ 4% ₹7056
Total ₹1,83,456
   
TDS ₹50,000
   
Advance Tax to be Paid ₹1,33,456

Advance Tax Payment Calculation

Due Date

Advance Tax to be Paid

Amount

15 June

15%

₹20,000

15 September

45%

₹60,000

15 December

75%

₹1,00,000

15 March

100%

₹1,33,400

Advance Tax Interest Calculator for Default Payment

Section 234C

Under this section, penalty charges are applicable if the taxpayer doesn’t pay advance tax on or before the due dates. The interest applicable is calculated as under:

Condition

Penalty Interest Rate

Period of Interest

Amount on which interest is calculated

If advance tax paid by 15th June is less than 15%

1% per month

3 months

15% of amount (-) tax paid before June 15

If advance tax paid by 15th September is less than 45% 

1% per month

3 months

45% of amount (-) tax paid before September 15

If advance tax paid by 15th December is less than 75% 

1% per month

3 months

75% of amount (-) tax paid before December 15

If advance tax paid by 15th March is less than 100%

1% per month

1 month

100% of amount (-) tax paid before March 15

FAQs on Advance Tax Calculator