Advance Tax – Due Dates, Payment and Calculations

What is an Advance tax ?

Advance tax is nothing but the Income Tax that is collected from every tax payer based on the Income Projections for the Financial Year. Advance tax is Primarily for Individuals who is generating Income from sources other than salaries like Income from Rental on Property, Fixed Deposit Interests, Capital Gains from Investments, etc…  So the tax Liability for the Financial year is collected form the Tax Payer in certain Instalments throughout the year based on the Income Projections.

Advance Tax Due Dates FY 2018-2019

Advance tax has to be paid by every tax payer. Incase of Salaried Employees Income apart from Salaries is Subjected to Advance tax. Below is the Schedule Mentioned on the Dues dates for Advance tax Payment.

Due DateAdvance Tax Payable
On or Before 15th June
15 % of the Projected Income
On or Before 15th September
45 % of the Projected Income
On or Before 15th December
75 % of the Projected Income
On or Before 15th March
100 % of the Projected Income

Incase of excess payment of tax. The tax Amount is Refunded back after filing of the Income Tax Returns.

Who Should pay Advance tax ?

Any Tax Payer whose tax liability is more than Rs 10,000/- for which TDS is not Deducted. So Incase of Salaried person any Income above Rs 10,000 apart from salaries the person is liable to pay advance tax.

How to Pay Advance Tax ?

Tax Payment needs to paid before the Due Dates. The Below Mentioned Link Show the Step by Step Procedure in Payment of Advance tax.

If the Advance tax is not paid on the defined due dates then the Interest on the Tax Amount is Calculated as per Section 234 C. In Some Cases the Liability of Advance tax is not there if the tax Liability is less than Rs 10,000 is a Financial Year.

For all the Investments made through our System Calculates Advance Tax Liability of an Individual and Notifies the Investors. So the Interest on the Advance Tax can be Avoided. Also the Investor can maintain the Records of Advance tax Paid in our System which can be later used for Computation and Filing of Income tax Return.

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