What is Advance Tax:

Tax is paid in advance when the liability of tax is Rs.10,000 or more. Advance Tax is applicable to all persons who have income in India, irrespective of their residential status. Taxes on your salary will be deducted by your employer. If you have Income from any other sources such as house rental income, income from share trading , mutual funds and bank interest you will be responsible to pay the final schedule of advance tax by March 15th. Failing to pay advance tax will attract interest which has to be paid while filing your tax return.

Advance Tax Calculator:

Income is taxed at 3 different slabs for senior citizen residents, female residents and Others. So we have given 3 calculators and you can make use of the respective calculator to calculate your advance tax after deducting the advance taxes already paid in earlier installments.

Due date for paying advance Tax : on or before March 15, 2010. However, even if you miss to pay the advance tax before 15th, you can still make the payment before 31st March 2010 which will attract additional interest of 1% .

This calculator is applicable for FY 2009 – 2010

Disclaimer:

This calculator is to help you find out your personal indicative tax liability based on your estimated income from various sources, eligible deductions and Tax Deducted at Source. It may not cover all scenarios of Income, Exemptions, Deductions, etc. You are advised to use this at your will and to consult a tax consultant if you have a different scenario.