How should a freelancer pay advance tax on ₹3 lakh estimated liability?
For a ₹3,00,000 estimated tax liability, advance tax is due in instalments of about ₹45,000 by 15 June, ₹1,35,000 cumulative by 15 September, ₹2,25,000 cumulative by 15 December, and ₹3,00,000 cumulative by 15 March — the same schedule applies to freelancers and salaried taxpayers alike.
What is advance tax?
If your total tax liability for the year exceeds ₹10,000, you must pay advance tax in instalments: 15% by 15 June, 45% (cumulative) by 15 September, 75% (cumulative) by 15 December, and 100% by 15 March, to avoid interest under Sections 234B and 234C.