How to calculate and generate the Advance Tax Challan

How to calculate and generate the Advance Tax Challan

Any person having an estimated tax liability of Rs. 10,000 or more in a year is required to pay tax in advance. Advance tax applies to all the taxpayers, salaried, freelancers, and businesses. Senior citizens, who are 60 years or older, and do not run a business, are exempt from paying advance tax.

This payment of tax in advance and in instalments is known as advance tax payment

FY 2019-20 & FY 2018-19 for both individual and corporate taxpayers

Due Date
Advance Tax Payable
On or before 15th June
15% of advance tax
On or before 15th September
45% of advance tax less advance tax already paid
On or before 15th December
75% of advance tax less advance tax already paid
On or before 15th March
100% of advance tax less advance tax already paid
For taxpayers who have opted for Presumptive Taxation Scheme under section 44AD & 44ADA – Business Income

Due Date
Advance Tax Payable
 On or before 15th March
100% of advance tax

To calculate and generate the Advance Tax Challan, please follow the steps provided below:

Step 1:

Open the Income Tax software - Go to Transactions → Advance Tax Calculator option given in the menu bar

Please check whether correct assessment year is selected on the main window of the software.
For AY-2020-21 Advance Tax Calculation:
1. Salary income has to be entered after standard deduction.
2. Long term capital gain u/s 112A has to be entered in LTCG Proviso after 1 Lac Rs.Exemption.

Step 2:

Select Assessment Year  
  1. Put Income detail
  2. Click on calculate Tax


Step 3:

Now Click on Challan Button to prepare Advance Tax Challan.

Step 4:

  1. Select Instalment 
  2. Select Payment Mode
  3. Click on Save and Print Challan

    • Related Articles

    • Income Tax > Advance tax - How the value in "deposited" column is calculated.

      Advance tax - How came value in "deposited" column  Solution  The value in "Deposited" column  will come when you have prepared Challan for advance tax. Go to transactions >advance tax > challan  Enter here installment wise advance tax challan detail ...
    • How to calculate and allocate Interest

      How to calculate and allocate intrest Interest on late deduction and late deposit of TDS/TCS is applicable at the rate of 1% and 1.5 % per month respectively. Here, 1% rate is applicable from the date on which tax was deductible to the date of actual ...
    • Process to generate TDS Return (Salary / Non Salary / Non Resident / TCS)

      TDS stands for tax deducted at source. As per the Income Tax Act, any company or person making a payment is required to deduct tax at source if the payment exceeds certain threshold limits. TDS has to be deducted at the rates prescribed by the tax ...
    • TDS || How to Create Offline Challan?

      For Offline challan creation and Print, Follow the steps below. Go to Challan Entry >> Challan Print              Click on Add Button >> Enter Complete Details like Applicable Section, Status, Date, Income Tax amount etc.. >> Save.                  ...
    • How to Calculate Tax on 'AGRICULTURAL INCOME'

      CALCULATING TAX ON AGRICULTURAL INCOME  Take the sum of the agricultural income and non-agricultural income. The tax (A) should be computed on this amount.                         Example  The base tax slab changes as per the change in Income Tax ...