Estimate statutory advance tax installments, check deferment interest under Section 234C, and prevent default interest under Section 234B.
₹1,20,000
Enter total cumulative advance tax paid on or before each deadline.
✨ Excellent! No Section 234B or 234C interest penalties incurred.
Must pay at least 90% of total tax (₹1,08,000) by 31st March. You paid ₹1,20,000.
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Advance tax represents paying income tax as you earn rather than in a lump sum at year-end. Failure to adhere to statutory dates attracts interest under Sections 234B and 234C.
Levied if the taxpayer fails to deposit the prescribed percentage of advance tax by the respective due dates. The interest is charged at 1% per month for 3 months (or 1 month for the March installment).
Triggered if advance tax paid before 31st March is less than 90% of assessed tax. Interest is charged at 1% per month starting from 1st April of the Assessment Year until tax determination or payment.
Professionals (developers, doctors, designers) declaring income under presumptive scheme 44ADA only need to pay 100% advance tax by 15th March.
Under Section 208 of the Income Tax Act, every taxpayer (salaried, freelancer, consultant, business owner, or capital gains earner) whose estimated net tax liability for the financial year after deducting TDS/TCS is ₹10,000 or more must pay advance tax.
For individual and corporate taxpayers, advance tax is payable in 4 installments: (1) On or before 15th June: Min 15%, (2) On or before 15th September: Min 45%, (3) On or before 15th December: Min 75%, and (4) On or before 15th March: 100% of estimated tax.
Section 234C penalizes deferment or shortfall in individual quarterly advance tax tranches at 1% simple interest per month. Section 234B penalizes default where total advance tax paid up to 31st March is less than 90% of assessed tax; interest is levied @ 1% per month from 1st April until the date of payment.
Yes! Under Section 211(1)(b), professionals and businesses opting for presumptive taxation under Section 44ADA or 44AD are exempt from the June, September, and December installments. They can pay 100% of their advance tax in a single tranche on or before 15th March.
Under Section 207, resident senior citizens (aged 60 years or above) who do not have any income from "Profits and Gains of Business or Profession" (PGBP) are completely exempt from paying advance tax, even if their tax liability exceeds ₹10,000.
The Income Tax Act provides a safe harbor: If a taxpayer pays at least 12% (instead of 15%) by 15th June, or at least 36% (instead of 45%) by 15th September, no Section 234C interest penalty is levied.