Calculate Advance Tax for Current Quarter
Advance Tax, also known as the “Pay as You Earn” tax, requires taxpayers in India to estimate their annual income and pay tax in instalments throughout the year. If your total tax liability for the financial year exceeds ₹10,000, you are required to pay advance tax.
Steps to Calculate Advance Tax
To calculate your advance tax accurately, you'll need to input your complete income details:
1. Add Your Income Details
- Navigate to the Save section from your dashboard.
- Click on Edit to enter your tax situation.
- Enter the following details:
- Incomes (Salary, Business, Capital Gains, etc.)
- Deductions (under 80C, 80D, etc.)
- Tax Credits (TDS, TCS, foreign tax credit)
- Losses (if any)
2. View Advance Tax Summary
Once your tax profile is complete, proceed to check your advance tax status:
- Go to the Save section.
- Click on Advance Tax to view your summary.
You'll see the following details:
- Tax Summary
- Regime selected (New or Old)
- Total Tax Payable
- TDS & TCS Credits
- Net Tax Liability
- Quarterly View (e.g., Quarter 4)
- Tax Liability
- Advance Tax Credits
- Outstanding Tax
- Accrued Interest
- Tax Dues for the current quarter
- Click on Pay to make the payment for the current quarter
- Past Payments
- View past advance tax payments made on Quicko by clicking View Payments
Note: It is important to pay advance tax within the due dates to avoid interest and penalties under Sections 234B and 234C of the Income Tax Act.
3. Check Quarter-wise Computation
You will also find a detailed table with the breakup of tax liabilities and credits for all 4 quarters:
| Quarter | Due Date | Tax Payable | Advance Tax Credit | Outstanding | Interest |
|---|---|---|---|---|---|
| Q1 | Jun 15, 2024 | ₹0 (15%) | ₹0 | ₹0 | ₹0 |
| Q2 | Sep 15, 2024 | ₹0 (45%) | ₹0 | ₹0 | ₹0 |
| Q3 | Dec 15, 2024 | ₹0 (75%) | ₹0 | ₹0 | ₹0 |
| Q4 | Mar 15, 2025 | ₹0 (100%) | ₹0 | ₹0 | ₹0 |
Need Help?
If you're unsure about your calculations or want to avoid interest on missed payments, Quicko’s tax experts are here to assist. Click Get in Touch to consult with a tax pro and ensure you're on track.
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