Income Tax for Freelancers – 7. DUE DATES for Individuals & Example Calculation

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7.1 Due Dates for Individuals.

For Individuals (Freelancers) Due Date
First Instalment – Advance Tax t [30%] 15 September
Second Instalment – Advance Tax t [60%] 15 December
Third Instalment – Advance Tax t [100%] 15 March
Income Tax Return [Not-Audited] 31 July *
Income Tax Return [Audited] 30 September
t Delay in payment of Advance Tax attracts interest under 234B and 234C of the I T Act.
* Income Tax Return in case of a Tax-Payer, whose accounts are not required to be audited under any law, can be filed till the end of the assessment year that is 31 March. However,  there may be liability to pay Interest u/s 234A for delay in Filing Return.

7.2 EXAMPLE

TOTAL  Income =

₹ 5,00,000

(Salary / income from freelance services, Fees, Honororia, Interest from Fixed Deposits, Post office savings scheme etc)
Income upto Rs.20,00,00 not taxable

- ₹ 2,00,000


 



 



3,00,000


Contribution made towards PPF, LIC Premium etc (All put together upto a total of 1 Lakh Rupees, 1,00,00/-

-₹ 1,00,000


Taxable Income



 



₹ 2,00,000


Tax payable at 10 %

=

₹ 20,000

Education cess (3% of tax payable)

=

+ ₹ 600


TOTAL TAX PAYABLE  including cess



 



₹ 20,600


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