1. Advance Tax Calculator - Pre-tax credit calculation
We will explain counting by example. Ajay is a paid freelancer who specializes in interior decoration. For FY 2019-2020, Ajay limits his annual receipts to Rs 20,00,000. Ajay estimates his expenses at Rs 12,00,000. Ajay deposits Rs 40,000 into PPF account. Ajay also paid Rs 25,000 in LIC premium. In addition, Ajay paid Rs 12,000 in medical insurance. Ajay professional receipts are subject to TDS. Ajay estimates TDS of Rs 30,000 for specific FY professional receipts for 2019-2020. In addition to professional receipts, Ajay estimates interest of Rs 10,000 on fixed deposits held by him. Ajay's previous tax debt will be as follows:
Frequently Asked Questions
When should I pay my taxes in advance?
If your tax debt for a year after deducting TDS exceeds Rs 10,000, you will be liable to pay tax in advance.
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