Every person whose tax liability for a financial year exceeds INR 10,000 is liable to pay advance tax.


Advance tax is paid on a quarterly installment basis. This ensures that the government can collect taxes uniformly throughout the year.



Table of Content

  1. To calculate advance tax
  2. To download the Advance Tax Computation Report
  3. To pay advance tax



To calculate advance tax


  • In the Planning tab, navigate to New vs Old Regime 
  • Enter the details of your
    • Incomes
    • Deductions
    • Tax credits
    • Losses
  • On the right-hand side, you can see the Tax Calculation under both regimes
  • Navigate to the Advance Tax tab to view the quarterly calculation & payment of Advance Tax, depending upon the regime chosen





To download the Advance Tax Computation Report


  • In the Planning tab, navigate to the  Advance tax tab
  • Select the regime
  • Click on Download Report
  • An excel file with detailed computation of your tax liability will be downloaded





To pay advance tax

On Quicko, you can make the tax payment and clear your tax dues in 2 ways:

  1. Pay via Quicko
  2. Pay via TIN-NSDL



To pay your tax dues via Quicko


  • In the planning tab, navigate to Advance Tax tab
  • Click on Pay via Quicko
  • Enter the Email ID & Mobile number 
  • Review the summary screen once
  • Choose the payment method
  • Make the payment
  • Upon successful payment, you will receive a challan on the Email ID entered while making the payment.


Note:
Once your tax dues are paid via Quicko, you are required to enter challan details manually on Quicko under Filing > Tax Credits > Taxes paid by you 



To pay your tax dues via TIN-NSDL


  • In the planning tab, navigate to Advance Tax tab
  • Click on Pay via TIN-NSDL
  • Follow the steps to Deposit the tax online
  • After the payment is made, you will get a challan counterfoil with Bank details.  
  • Enter the following details on Quicko under Filing > Tax Credits > Taxes paid by you 
    • BSR Code
    • Challan No.
    • Amount Deposited
    • Date of Payment


Once you've added the information, your tax liability shall be NIL and you can proceed to e-file your return.


Note:
Read more about advance tax and interest & penalty levied when defaulted in the payment of tax.