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.
To calculate advance tax
- In the Planning tab, navigate to New vs Old Regime
- Enter the details of your
- Tax credits
- 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
Here's how you can Deposit Advance Tax Online
Note: In case of delay in payment of advance tax, a penalty is levied. Read more about it here.
To download the Advance Tax Computation Report
- Click on Download Report
- An Excel file with detailed computation of your tax liability will be downloaded
Read more about Advance Tax
When you navigate to the Advance Tax tab in the Planning section, you will find the quarterly breakup of your advance tax liability. Here, you can chose to pay advance tax based on your selection of the tax regime