Question 1

What are the advance tax due dates?

Accepted Answer

15 June (15%), 15 September (45%), 15 December (75%) and 15 March (100%) of the estimated tax liability.

Question 2

Who must pay advance tax?

Accepted Answer

Individuals and businesses whose estimated tax liability for the year is ₹10,000 or more, after TDS/TCS credits.

Question 3

What happens if I underpay?

Accepted Answer

You may face interest under Sections 234B and 234C of the Income-tax Act. Use our Section 234A/B/C calculator to estimate it.

Question 4

Do senior citizens need to pay advance tax?

Accepted Answer

Resident senior citizens not having income under the head 'Profits and Gains of Business or Profession' are exempt from advance tax.

Question 5

Can I adjust TDS against advance tax?

Accepted Answer

Yes. Enter your estimated tax liability net of TDS/TCS to see the instalments you actually need to pay.

Advance Tax Planner

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