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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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