{"id":3669,"date":"2013-09-10T01:55:13","date_gmt":"2013-09-09T20:25:13","guid":{"rendered":"http:\/\/www.bhagwad.com\/blog\/?p=3669"},"modified":"2013-09-10T01:55:13","modified_gmt":"2013-09-09T20:25:13","slug":"advance-tax-an-indian-freelancers-dilemma","status":"publish","type":"post","link":"https:\/\/www.bhagwad.com\/blog\/2013\/personal\/financial-matters\/advance-tax-an-indian-freelancers-dilemma.html\/","title":{"rendered":"Advance Tax &#8211; An Indian Freelancer&#8217;s Dilemma"},"content":{"rendered":"<p>Indian tax laws are weird and for a freelancer like me, I have to make up the rules as I go along since there doesn&#8217;t seem to be much precedent. Advance taxes are a particularly painful puzzle. Apparently the government is not happy to receive my taxes all at one go at the end of the year. Instead, I have to pay them 30% in September, 60% in December, and of course 100% in March. All very well, but\u00a0<em>how the hell do they expect me to know my income in advance<\/em>? I&#8217;m not a fortune teller and my cash flow swings widely from one year to the next. I can land some awesome project by sheer luck or lose out on some valuable contracts and watch my earnings tumble.<\/p>\n<p>To make matters worse, if I underestimate my income I have to pay interest at 1% per month. Which I will obviously have to calculate accurately or risk receiving a notification from the Income tax. What is wrong with these people? I mean didn&#8217;t an alarm bell go off in someone&#8217;s head when this policy was being formulated? Didn&#8217;t anyone stop to think &#8220;Hey! What if the nature of the business is such that there&#8217;s no way to project the income for the year?&#8221;.\u00a0At least they can make it so that I pay tax on whatever I&#8217;ve already earned this far. So if my earnings suddenly spike \u00a0in October, I will know how much to pay in December. The absurdity of a flat 30% of\u00a0<em>future income<\/em> seems to have escaped everyone&#8217;s notice.<\/p>\n<p>I&#8217;m sure I&#8217;m not the only freelancer out there or the only person with a small business who has problems following this crazy concept of &#8220;advance tax&#8221;. So if any of you know how I&#8217;m supposed to pay up without having the slightest clue as to what my final income will be, your advice would be much appreciated.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I have to pay 30% tax nf my future income for the year in September. How am I supposed to foresee my income before I&#8217;ve earned it? Use a crystal ball?<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[],"class_list":["post-3669","post","type-post","status-publish","format-standard","hentry","category-financial-matters"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Advance Tax - An Indian Freelancer&#039;s Dilemma<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bhagwad.com\/blog\/2013\/personal\/financial-matters\/advance-tax-an-indian-freelancers-dilemma.html\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Advance Tax - An Indian Freelancer&#039;s Dilemma\" \/>\n<meta property=\"og:description\" content=\"I have to pay 30% tax nf my future income for the year in September. How am I supposed to foresee my income before I&#039;ve earned it? Use a crystal ball?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.bhagwad.com\/blog\/2013\/personal\/financial-matters\/advance-tax-an-indian-freelancers-dilemma.html\/\" \/>\n<meta property=\"og:site_name\" content=\"Expressions - Bhagwad Jal Park\" \/>\n<meta property=\"article:published_time\" content=\"2013-09-09T20:25:13+00:00\" \/>\n<meta name=\"author\" content=\"bhagwad\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@bhagwad\" \/>\n<meta name=\"twitter:site\" content=\"@bhagwad\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"bhagwad\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.bhagwad.com\\\/blog\\\/2013\\\/personal\\\/financial-matters\\\/advance-tax-an-indian-freelancers-dilemma.html\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.bhagwad.com\\\/blog\\\/2013\\\/personal\\\/financial-matters\\\/advance-tax-an-indian-freelancers-dilemma.html\\\/\"},\"author\":{\"name\":\"bhagwad\",\"@id\":\"https:\\\/\\\/www.bhagwad.com\\\/blog\\\/#\\\/schema\\\/person\\\/06c9c710885b810f1dfe3779fc346b23\"},\"headline\":\"Advance Tax &#8211; 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