Advance Tax Calculator

ADVANCE TAX CALCULATOR FOR FINANCIAL YEAR

Tax Payer

Tick if, total turnover or gross receipt of the company in the previous year 2017-18 does not exceed 400 crore rupees

Tick if, company opted and qualify under section 115BA

Tick if, company opted and qualify for section 115BAA

Tick if, company opted and qualify for section 115BAB

Whether opting for taxation under Section 115BACNew Income tax Regime where you can avail benefit of lower tax slabs. However, to avail this lower tax rate, the taxpayer must forgo certain deductions and exemptions. ?

Male / Female / Senior Citizen

Residential Status

Income from Salary (Income from salary after standard deduction of Rs.50000.)

Income From House Property i Note: In case the assesse is opted for Section 115BAC, Loss under head House Property for rented house shall not be allowed to set off from any other head of income and cannot be carried forward. Show Details

A. Income from Self-occupied Property

Interest Paid/Payable on Housing Loan

1. Interest on Housing Loan

Income from self-occupied house property

B. Income from Let-out Property

1. Annual Letable Value/Rent Received or Receivable

2. Less: Municipal Taxes Paid During the Year

3. Less:Unrealized Rent

4. Net Annual Value (1-(2+3))

Less: Deductions from Net Annual Value

i. Standard Deduction @ 30% of Net Annual Value

ii. Interest on Housing Loan

Income from Let-out House Property

Capital Gains Show Details

Short Term Capital Gains (Other than covered under section 111AShort Term Capital Gains (Covered u/s 111A) refers to the profit earned from the sale of certain types of securities within a short period of time, which is less than or equal to one year. This includes securities such as equity shares and units of equity-oriented mutual funds through other than recognized stock exchange. )

From 01/04/ to 15/06/

From 16/06/ to 15/09/

From 16/09/ to 15/12/

From 16/12/ to 15/03/

From 16/03/ to 31/03/

Total

Short Term Capital Gains (Covered under section 111AShort Term Capital Gains (Covered u/s 111A) refers to the profit earned from the sale of certain types of securities within a short period of time, which is less than or equal to one year. This includes securities such as equity shares and units of equity-oriented mutual funds through recognized stock exchange. )

From 01/04/ to 15/06/

From 16/06/ to 15/09/

From 16/09/ to 15/12/

From 16/12/ to 15/03/

From 16/03/ to 31/03/

Total

Long Term Capital Gains (Charged to tax @ 20%) i Long-term capital gains refer to the profit made by an individual on the sale of a capital asset that has been held for a period of more than 36 months. These capital assets can include property, shares, mutual funds, etc.

From 01/04/ to 15/06/

From 16/06/ to 15/09/

From 16/09/ to 15/12/

From 16/12/ to 15/03/

From 16/03/ to 31/03/

Total

Long Term Capital Gains (Charged to tax @ 10%) i Other than LTCG coverd under 112A.

From 01/04/ to 15/06/

From 16/06/ to 15/09/

From 16/09/ to 15/12/

From 16/12/ to 15/03/

From 16/03/ to 31/03/

Total

Long Term Capital Gains (Covered under section 112ASection 112A applies to the sale of equity shares or equity-oriented mutual funds held for a minimum of 12 months. The gains on the sale of such assets are considered as LTCG and taxed at 10% only if the sale proceeds exceed Rs. 1 lakh. If the gains are less than or equal to Rs. 1 lakh, no LTCG tax is applicable.)

From 01/04/ to 15/06/

From 16/06/ to 15/09/

From 16/09/ to 15/12/

From 16/12/ to 15/03/

From 16/03/ to 31/03/

Total

Income From Other Sources Show Details

Interest

Commission/Other Income

Winnings from Lottery, Crossword Puzzles, etc.

Profits and Gains of Business or Profession (enter profit only)

Agricultural Income

Deductions Show Details

Life Insurance premium paid

Payment for annuity plan

Contribution toward provident fund / PPF

Investment in NSC (VIII issue) + Interest

Contribution toward ULIP

Contribution toward notified pension fund by MF/UTI

Re-payment of housing loan etc

Tuition fees paid for children

5 Years fixed deposit with PO or Schedule Bank

Contribution toward NPF

Employee's / Self-employed contribution toward NPS (up to 20%) (u/s 80CCD Note: Deduction in respect of employee’s contribution to NPS is allowed to extent of 10% of salary. Whereas, deduction in respect of contribution to NPS made by a self-employed individual is allowed to the extent of 20% of his gross total income. )

Additional contribution towards NPS [u/s 80CCD(1B)Allows an individual to claim an additional deduction of up to Rs. 50,000 over and above the deduction available under Section 80C and 80CCD(1). This deduction is available to individuals who make contributions to their National Pension Scheme (NPS) account.]

Employer's contribution toward NPS (u/s 80CCD Note: Deduction in respect of employer’s contribution to NPS is allowed to the extent of 14% of salary in case of Central Government employee or 10% of salary in case of any other employee. )

Deposit with Sukanya Samridhi Accounts

Any other deductable (u/s 80C Its a provision in the Indian Income Tax Act that allows an individual to claim a deduction of up to Rs. 1.5 lakh from their taxable income. This deduction is available to individuals who make certain types of investments or expenses, such as:
1. Life insurance premium payments.
2. Contributions to Employee Provident Fund (EPF) and Public Provident Fund (PPF).
3. Investments in National Savings Certificates (NSC).
4. Equity Linked Savings Scheme (ELSS) mutual fund investments.
5. Repayment of home loan principal.
6. Tuition fees paid for children's education.
It is important to note that the total deduction available under Section 80C, 80CCC and 80CCD(1) cannot exceed Rs. 1.5 lakh in a financial year. )

Total

Medi-claim premium (u/s 80DSection 80D is a provision in the Indian Income Tax Act that allows an individual to claim a deduction for the amount spent on medical insurance premium for self, spouse, dependent children, and parents. The maximum deduction allowed under Section 80D is Rs. 25,000 per financial year for the premium paid for self, spouse, and dependent children. In addition to this, an individual can claim a deduction of up to Rs. 25,000 for the premium paid for their parents. If the parents are senior citizens (aged 60 years or more), the maximum deduction limit is increased to Rs. 50,000.)

Actual payment towards medical treatment (u/s 80DDBThat allows an individual to claim a deduction for medical expenses incurred for the treatment of specified diseases for themselves or their dependents, The maximum deduction allowed under Section 80DDB is Rs. 1 lakh per financial year. )

Interest payable on loan for residentials house property (u/s 80EEASection 80EEA is a provision in the Indian Income Tax Act that allows an additional deduction of up to Rs. 1.5 lakh on the interest paid on a home loan taken for the purchase of an affordable housing property. The deduction is available to first-time home buyers who have taken a home loan between 1st April 2019 to 31st March 2022 and must comply with certain conditions. )

Interest payable on loan for purchase of electric vehicles(u/s 80EEBSection 80EEB is a provision in the Indian Income Tax Act that allows an individual to claim a deduction on the interest paid on a loan taken for the purchase of an electric vehicle. The deduction is available to individuals who have taken a loan between 1st April 2019 to 31st March 2023. To be eligible for the deduction under Section 80EEB, certain conditions are need to be satisfied. )

Donations (u/s 80GSection 80G is a provision in the Indian Income Tax Act that allows an individual or an entity to claim a deduction for donations made to certain charitable organizations.)

Deduction for maintenance / medical treatment of dependent (u/s 80DDSection 80DD is a provision that allows a deduction to a resident individual or HUF for expenses incurred on the maintenance and medical treatment of a dependant with a disability. The deduction is available to taxpayers who are either taking care of their disabled dependant or paying for their expenses.)

Tick if 80DDSection 80DD is a provision that allows a deduction to a resident individual or HUF for expenses incurred on the maintenance and medical treatment of a dependant with a disability. The deduction is available to taxpayers who are either taking care of their disabled dependant or paying for their expenses. is claimed

Tick if severe disability

Interest on loan for higher education (u/s 80ESection 80E is a provision in the Indian Income Tax Act that allows a deduction to an individual for the interest paid on a loan taken for higher education.)

Interest on loan taken for Residential House (u/s 80EESection 80EE is a provision in the Indian Income Tax Act that allows an additional deduction on the interest paid on a home loan taken by a first-time homebuyer. The deduction is available to individuals who have taken a home loan to purchase a residential property for the first time and is applicable for a maximum of two assessment years.)

Deduction in case of a person with disability (u/s 80USection 80U is a provision in the Indian Income Tax Act that allows a deduction to a resident individual for expenses incurred on the maintenance and medical treatment of themselves or a dependent with a disability.)

Tick if 80USection 80U is a provision in the Indian Income Tax Act that allows a deduction to a resident individual for expenses incurred on the maintenance and medical treatment of themselves or a dependent with a disability. is claimed

Tick if severe disability

Interest on deposits in saving account (u/s 80TTASection 80TTA is a provision in the Indian Income Tax Act that allows a deduction to an individual or a Hindu Undivided Family (HUF) for the interest earned on savings account deposits.)

Any other deductions

Net Taxable Income

Income Liable to Tax at Normal Rate ---

Short Term Capital Gains (Covered u/s 111A Short Term Capital Gains (Covered u/s 111A) refers to the profit earned from the sale of certain types of securities within a short period of time, which is less than or equal to one year. This includes securities such as equity shares and units of equity-oriented mutual funds through recognized stock exchange. ) 15%

Long Term Capital Gains (Covered u/s 112A Section 112A applies to the sale of equity shares or equity-oriented mutual funds held for a minimum of 12 months. The gains on the sale of such assets are considered as LTCG and taxed at 10% only if the sale proceeds exceed Rs. 1 lakh. If the gains are less than or equal to Rs. 1 lakh, no LTCG tax is applicable. ) 10%

Long Term Capital Gains (Charged to tax @ 20%) 20% i Long-term capital gains refer to the profit made by an individual on the sale of a capital asset that has been held for a period of more than 36 months. These capital assets can include property, shares, mutual funds, etc.

Long Term Capital Gains (Charged to tax @ 10%) 10% i Other than LTCG coverd under 112A.

Winnings from Lottery, Crossword Puzzles, etc) 30%

Income Tax

Surcharge

Education Cess

Secondary and higher education cess

Health and Education Cess

Total Tax Liability

Relief

TDS/TCS/MAT (AMT) Credit Utilized

Assessed Tax

Advisory: Information relates to the law prevailing in the year of publication/ as indicated. Viewers are advised to ascertain the correct position/prevailing law before relying upon any document.

Disclaimer: The above calculator is only to enable public to have a quick and an easy access to basic tax calculation and does not purport to give correct tax calculation in all circumstances. It is advised that for filing of returns the exact calculation may be made as per the provisions contained in the relevant Acts, Rules etc.