Advance Tax [New Regime]
As per the Budget in 2020, Advance Tax under New Regime will have lower slab rates but won't include any deductions and exemptions. Persons can calculate their advance tax liability as per the New Regime using Sandbox API.
Overview
Use this API to calculate the advance tax liability of a person under the New Regime.
Problem
- Requirements for persons whose tax liability exceeds Rs. 10,000 have to pay advance tax.
- Advance Tax has to be calculated using the average TDS rule for slab rate income and accrual basis for special rate income.
- Every year government changes guidelines in determining the tax liability of a person.
- This makes it difficult for HRMS platforms in managing tax computations, leading to erroneous tax liability calculations.
- Advance Tax liability also changes depending on the chosen tax regime.
Solution
- API to calculate Advance Tax Liability as per the New Tax Regime.
- API gets constantly updated as per the latest tax guidelines
Endpoint
| HTTP Method | Endpoint |
|---|---|
| POST | /calculators/income-tax/advance-tax/new |
Request
Follow the below guidelines to pass income details to calculate Advance Tax per New Regime.
Body
| Param | Type | Description | Example |
|---|---|---|---|
| financial_year | string | The financial year for which Advance Tax has to be calculated. | FY 2020-21 |
| pan | string | PAN number of the taxpayer. | ASDPF1234G |
| filing_category | string | Category of the type of filing | General |
| residential_status | string | Resident, Not Ordinarily Resident or Non-resident. | Non Resident |
| basic_salary | num | Basic Salary of Taxpayer. | 1500000 |
| hra_received | num | Home Rent Allowance | null |
| rent_paid | num | Actual Rent Paid | null |
| other_allowances | num | Other Taxable Allowances given to the Taxpayer. | null |
| address | json object | Address of the Taxpayer | |
| interest_paid_on_let_out_hp_loan | num | Interest on Borrowed Capital on Home Loan. (Rented out) | null |
| rent_received | num | Rent received from home rental. | null |
| property_tax_paid | num | Municipal Tax paid on home ownership. | null |
| interest_paid_on_self_occupied_hp_loan | num | Interest on Borrowed Capital on Home Loan. (Self-occupied) | null |
| capital_gains_by_quarter | json object | Capital Gains for the Quarter | |
| savings_interest | num | Savings Account Interest | null |
| fd_interest | num | Fixed deposit Interest | null |
| dividend_income | num | Dividend Income. | null |
| other_income | num | Other Income | null |
| regular_business_turnover | num | Business Turnover | null |
| regular_business_profit | num | Business Profits | null |
| speculative_business_turnover | num | Speculative Business Turnover | null |
| speculative_business_profit | num | Speculative Busines Profit | null |
| elss | num | Section 80C - ELSS investments | 85000 |
| tax_credits | json object | Tax Credits of Taxpayer |
Address
| Param | Type | Description | Example |
|---|---|---|---|
| city | string | Taxpayer's city | Ahmedabad |
Capital Gains by Quarter
| Param | Type | Description | Example |
|---|---|---|---|
| stcg_15 | object | Short-Term Capital Gains 15% | 15000 |
| stcg_30 | num | Short-Term Capital Gains 30% | 0 |
| stcg_slab | num | Short-Term Capital Gains slab | 0 |
| ltcg_10 | num | Long-Term Capital Gains 10% | -15000 |
| ltcg_20 | num | Long-Term Capital Gains 20% | 0 |
Tax Credits
| Param | Type | Description | Example |
|---|---|---|---|
| type | string | Type of Tax Credit | TDS |
| date_of_deposit | date | Date of Deposit of particular Tax Credit | 01/04/2020 |
| amount | num | Amount of Tax Credit | null |
Sample CURL Request
curl --request POST \
--url https://api.sandbox.co.in/calculators/income-tax/advance-tax/old \
--header 'Authorization: xxxxxxxxxx' \
--header 'accept: application/json' \
--header 'x-api-key: xxxxxxxxxx' \
--header 'x-api-version: 1.0'
--data '
{
"financial_year": "FY 2020-21",
"pan": "ASDPF1234G",
"filing_category": "General",
"residential_status": "Non Resident",
"basic_salary": 1500000,
"hra_received": null,
"rent_paid": null,
"other_allowances": null,
"address": {
"city": "Ahmedabad"
},
"interest_paid_on_let_out_hp_loan": null,
"rent_received": null,
"property_tax_paid": null,
"interest_paid_on_self_occupied_hp_loan": null,
"capital_gains_by_quarter": [
[
"stcg_15",
"stcg_30",
"stcg_slab",
"ltcg_10",
"ltcg_20"
],
[
150000,
0,
0,
-15000,
0
],
[
0,
0,
0,
0,
0
],
[
0,
0,
0,
0,
0
],
[
0,
0,
0,
0,
0
]
],
"savings_interest": null,
"fd_interest": null,
"dividend_income": null,
"other_income": null,
"regular_business_turnover": null,
"regular_business_profit": null,
"speculative_business_turnover": null,
"speculative_business_profit": null,
"elss": "85000",
"tax_credits": [
[
"type",
"date_of_deposit",
"amount"
],
[
"TDS",
"01/04/2020",
null
],
[
"TCS",
"01/04/2020",
null
],
[
"Advance Tax",
"15/06/2020",
35000
]
]
}
'
Test Environment Not Available
Response
API Responds with an array of Advance Tax Installments, containing the following parameters
| Param | Type | Description | Example |
|---|---|---|---|
| total_tax_payable | number | Total tax payable for the financial year | 218400 |
| installment_percentage | enum | Installment Percentage. Possible Values: 15,45,75,100. | 15 |
| tax_to_be_deposited | number | Tax to be deposited for the quarter | 32760 |
| tax_credits | number | Tax already paid for the quarter | 0 |
| tax_outstanding | number | Tax to be paid for the quarter | 32700 |
| interest_rate_us_234c | number | Interest rate to be levied on late payment of advance tax | 3 |
| interest_us_234c | number | The interest amount to be paid on late payment of advance tax for the quarter | 981 |
Response Caching
Response caching is not available for this API. Learn more about our response caching mechanism here
Wallet Charge
Since the Advance Tax Calculator per New Regime API is not a Paid API, no wallet charge will take place.
Versioning
This API is currently in major version 1.0. Refer to our versioning policies here
Updated about 2 months ago