Advance Tax - Individuals and HUFs
Due dates, Rates & Calculator for A Y 2016-17 (FY 2015-16)
Advance Tax : Information
No advance tax (also written shortly as Adv. Tax) is payable if the total tax liability after reducing the tax deducted at source is less than Rs. 10,000/-.
If Advance Tax is not paid in full for installments falling due on 15th September and 15th December, interest at the rate of 1% on the short amount for 3 months is to be paid.
If Advance Tax is not paid in full for installments falling due on 15th March, interest at the rate of 1% on the short amount for 1 month is to be paid. If you delay payment of the last instalment in March by even a day, you will have to pay interest on the entire instalment amount.
Senior citizens ( i.e. resident individuals aged 60 years or above ) who do not have any income from business / profession are exempted from the payment of advance tax w.e.f. 01/04/2012.
If you do not pay advance tax at all or if the aggregate paid by March 31 is less than 90 per cent of the total tax payable, you will have to pay an interest of 1 per cent per month on the deficit amount from April 1 of the following year till the date you file your return.
The senior citizens have been exempted from payment of Advance Tax from Assessment Year 2013-14.
Advance Tax Installments & Due Dates
Amount of Tax
At least 30% of Tax on total income for the year.
At least 60% of Tax on total income for the year less advance tax already paid.
100% of Tax on total income for the year less advance tax already paid.
Advance Tax Calculator for A Y 2016-17 (FY 2015-16) for Individuals and HUFs
Calculate Amount of Advance Tax Installments Payable on various Due Dates by Resident Individual, Non-resident and HUF assessees. This calculator takes into account Marginal Relief available in calculation of surcharge where the taxable income is more than Rs. 1 Crore.