Net Tax Payable. Net Tax Refundable. Advance Tax is a direct tax income tax payable in advance by an assessee on his estimated total income of a financial year. It is also termed as pay-as-you-earn as it is to be paid before the end of the Financial Year.
As per section of Income Tax Act, advance tax liability arises only if estimated tax liability exceeds Rs. Advance tax can be calculated by applying the slab rate applicable to a financial year on his total total estimated income for that year. For example your total income for FY is Rs. Section of Income Tax Act , states that an assessee whose estimated tax liability is more than Rs.
Advance Tax Estimator Use this tool to calculate your Income-tax liability and Advance-tax liability as well, for the Financial Year Click on an Income and Deductions head to enter details and compute. Your 'Tax Payable' or 'Refundable Amount' shall be auto-calculated and visible at the bottom of the page.
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First Name Last Name. What is Advance Tax? It is common knowledge that citizens in India have to pay Income Tax to the government at the end of every financial year as a lump sum amount.
However, there is an additional type of income tax known as an Advance Tax, which as the name suggests, is paid well before the end of the year, in advance, so to speak. Advance Tax is either paid entirely in one go or in installments on due dates as prescribed by the Income Tax Department.
How to Calculate Advance Tax? There are many Advance Tax Calculators online that you can use to calculate your tax. But it is important to understand the calculation so that you find out if a calculator ended up with the correct result. Let us begin the calculation with an example.
First, determine your total income in a financial year. So when you calculate your total taxable income, you add up all your income, including rents and interest, subtract your expenses, subtract deductions for life insurance, health insurance premiums and PPF, and voila, you end up with the total taxable income.
Let us apply this to our example. So, does this make you liable for Advance Tax? Sure, you can simply use one of the many online calculators to check your advance tax, but our aim is to make you the valuable taxpayer understand how the basic calculation is made.
So, the next time you pay your advance tax, make sure to check the match so that you end up with the correct figure. Can you save more Tax? Plan here. Which of these Financial Solutions would you like advice on?
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