How to Calculate Advance Tax?

TABLE OF CONTENTS

• What is Advance Tax?
• Calculating Advance Tax,
• Do we provide an Advance Tax Summary?
• Downloading Advance Tax Computation Report,

What is Advance Tax?

In India, the advance tax, also known as “pay as you earn” tax, mandates individuals to estimate their annual income and pay advance tax if their tax liability for the year is expected to be Rs10,000 or more.

The due dates for advance tax payment installments are, on or before June 15, September 15, December 15, and March 15 of the financial year.

Non-payment or under payment of advance taxes attracts Interest Charges and Penalties.

Calculating Advance Tax,

Computing your Advance taxes might be a tedious task but on Quicko you can do it in 5 simple steps,

1. Navigate to Save.
2. Click on Begin/Edit to enter your tax situation.
3. Enter the following details,
   • Incomes
   • Deductions
   • Tax Credits
   • Losses
4. Go Back to Save Dashboard.
5. Click on the Advance Tax, to view the quarterly calculation & payment of Advance Tax, depending upon the regime chosen.

And that's it, assess your Advance tax liabilities and based on the computation, make the remaining tax payment.

Do we provide an Advance Tax Summary?

Once you have entered your tax situation,  we provide you an entire summary about your advance tax liability, interest, outstanding payments etc.

1. Navigate to Save.
2. Click on Advance Tax.
3. Scroll down to find a Quarter wise Advance Tax Summary Table.

Downloading Advance Tax Computation Report,

Want to share your advance tax computation report with someone else, don't worry, we got you covered,

1. Navigate to Save.
2. Click on Advance Tax > Download Report > Select the format (PDF, Excel) to download your report.