Tax Calculator for Calculation of Advance Tax released by IT-Department

The Income Tax Department has released Tax Calculator for calculation of Advance Tax for Financial Year 2023-24, as amended upto the Finance Act of 2023.

Advance tax is income tax that is paid in advance rather than in a lump sum at the end of the financial year. It is the tax on your earnings. These payments must be made in installments according to the income tax department’s deadlines.

Who Should Pay Advance Tax?

Salaried, freelancers and businesses:

If your total tax burden in a financial year is Rs.10,000 or more, you must pay advance tax. All taxpayers, salaried, freelancers, and enterprises, are subject to the advance tax.

Senior citizens:

People over the age of 60 who do not own a business are exempt from paying advance tax. As a result, only senior citizens (60 years or older) with business earnings must pay advance tax.

Presumptive income for businesses:

Taxpayers who have chosen the presumptive taxation system under section 44AD must pay the entire amount of their advance tax in one payment on or before March 15. They can also pay all of their tax obligations by March 31.

Presumptive income for professionals:

Taxpayers who have chosen the presumptive taxation system under section 44AD must pay the entire amount of their advance tax in one payment on or by March 15th. They also have the option of paying all of their tax liabilities before March 31.

All these above mention taxpayers can calculate their advance tax liability via recent released tax calculator by Income Tax Department.

To Calculate Advance Tax – Click Here