Advance Tax per 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 MethodEndpoint
POST/calculators/income-tax/advance-tax/new

API Endpoint  Contact Us  Free Trial

Request

Follow the below guidelines to pass income details to calculate Advance Tax per New Regime.

Body

ParamTypeDescriptionExample
financial_yearstringThe financial year for which Advance Tax has to be calculated.FY 2020-21
panstringPAN number of the taxpayer.ASDPF1234G
filing_categorystringCategory of the type of filingGeneral
residential_statusstringResident, Not Ordinarily Resident or Non-resident.Non Resident
basic_salarynumBasic Salary of Taxpayer.1500000
hra_receivednumHome Rent Allowancenull
rent_paidnumActual Rent Paidnull
other_allowancesnumOther Taxable Allowances given to the Taxpayer.null
addressjson objectAddress of the Taxpayer
interest_paid_on_let_out_hp_loannumInterest on Borrowed Capital on Home Loan. (Rented out)null
rent_receivednumRent received from home rental.null
property_tax_paidnumMunicipal Tax paid on home ownership.null
interest_paid_on_self_occupied_hp_loannumInterest on Borrowed Capital on Home Loan. (Self-occupied)null
capital_gains_by_quarterjson objectCapital Gains for the Quarter
savings_interestnumSavings Account Interestnull
fd_interestnumFixed deposit Interestnull
dividend_incomenumDividend Income.null
other_incomenumOther Incomenull
regular_business_turnovernumBusiness Turnovernull
regular_business_profitnumBusiness Profitsnull
speculative_business_turnovernumSpeculative Business Turnovernull
speculative_business_profitnumSpeculative Busines Profitnull
elssnumSection 80C - ELSS investments85000
tax_creditsjson objectTax Credits of Taxpayer

Address

ParamTypeDescriptionExample
citystringTaxpayer's cityAhmedabad

Capital Gains by Quarter

ParamTypeDescriptionExample
stcg_15objectShort-Term Capital Gains 15%15000
stcg_30numShort-Term Capital Gains 30%0
stcg_slabnumShort-Term Capital Gains slab0
ltcg_10numLong-Term Capital Gains 10%-15000
ltcg_20numLong-Term Capital Gains 20%0

Tax Credits

ParamTypeDescriptionExample
typestringType of Tax CreditTDS
date_of_depositdateDate of Deposit of particular Tax Credit01/04/2020
amountnumAmount of Tax Creditnull

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

ParamTypeDescriptionExample
total_tax_payablenumberTotal tax payable for the financial year218400
installment_percentageenumInstallment Percentage. Possible Values: 15,45,75,100.15
tax_to_be_depositednumberTax to be deposited for the quarter32760
tax_creditsnumberTax already paid for the quarter0
tax_outstandingnumberTax to be paid for the quarter32700
interest_rate_us_234cnumberInterest rate to be levied on late payment of advance tax3
interest_us_234cnumberThe interest amount to be paid on late payment of advance tax for the quarter981

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