What is the procedure for computing advance tax?

Advance tax is liable to be paid in every case where the advance tax payable is INR 10,000 or more. A Resident Senior citizen not having any income from business/profession, is not liable to pay advance tax with effect from A.Y 2013-14 onwards. An assessee, who opts for the presumptive taxation scheme under section 44AD is exempted from the payment of advance tax related to such business (Upto A.Y 2016-17). From the A.Y 2017-18, an assessee who opts for the presumptive taxation scheme under section 44AD and section 44ADA is required to pay advance tax related to such business. However, advance tax can be paid during the financial year (immediately preceding to the assessment year) on or before March 15.

 The computation of advance tax can be done in the following manner:

Income from salaries                                                                                                  xxx

Income from house property                                                                                               xxx

Income from Capital Gains                                                                                       xxx

Income from Business or Profession                                                                                    xxx

Income from other sources                                                                                       xxx

Gross Total Income                                                                                                   xxx

Less: Deductions under sections 80C to 80U                                                          xxx     

Net Income                                                                                                                xxx                                                                                                                                                                 

Income Tax on Net Income                                                                                      xxx 

Less: Rebate under section 87A                                                                                xxx  

Balance                                                                                                                                   xxx     

Add: Surcharge, if any                                                                                               xxx                                                                                                                                                                             
Total                                                                                                                           xxx

Add: Health and Education Cess @4% (Applicable from A.Y 2019-20)                                       xxx

Total                                                                                                                             xxx

Less: Relief under section 89, 90, 90A or 91                                                                     xxx

Less: Pre-paid taxes (i.e. advance tax, self -assessment tax, TDS, TCS, MAT/AMT credit)   xxx

Advance Tax Liability                                                                                                  xxx

(The Advance tax calculator is available on Income Tax India website).