Advance Tax Calculator 2023-24
The Advance Tax Due Dates and Installment are as under :
| 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. |
Penalties:
Under the Income Tax Act, if you fail to pay the advance tax on time or fail to pay the full amount of advance tax, you may be liable to pay interest under Section 234A, 234B, and 234C.
- Interest under Section 234A: If you do not pay at least 90% of the advance tax liability on or before March 31st of the financial year, you will be charged interest at the rate of 1% per month or part of a month for the period of delay. This interest is calculated from April 1st of the assessment year until the date of actual payment of the advance tax.
- Interest under Section 234B: If you do not pay the full amount of advance tax by the due dates mentioned above, you will be charged interest under Section 234B. This interest is calculated at the rate of 1% per month or part of a month on the shortfall amount. The interest is calculated from the due date of payment until the date of actual payment of the advance tax.
- Interest under Section 234C: If you do not pay the advance tax in installments as per the due dates, you will be charged interest under Section 234C. This interest is calculated at the rate of 1% per month or part of a month on the shortfall amount. The interest is calculated from the due date of the installment until the date of actual payment of the installment.
It is important to note that the interest under Section 234A, 234B, and 234C is mandatory and cannot be waived off. Therefore, it is advisable to calculate your advance tax liability accurately and pay it on time to avoid any interest or penalty.
Disclaimer:
Please note that the advance tax calculator provided on this website is for informational purposes only. The results provided by the calculator are based on the information provided by the user and should not be considered as a substitute for professional tax advice. The actual tax liability may vary depending on various factors, such as changes in tax laws, income, deductions, etc. Users are advised to consult Karwa and Associates for personalized tax advice. The website owner, developer, or any third party involved in the creation or maintenance of this calculator shall not be liable for any damages or losses arising from the use of the calculator or the information provided by it.