Hi Vijay,
Anytime you owe more than $1,000 by the time you file, you will be assessed a penalty for not paying earlier. The IRS is a "pay as you go" system, they want you to pay near the time you receive the income, so for income received in July, the IRS would expect a payment by September 15, the third estimate tax deadline. So, to avoid as much in penalties as possible, you should go ahead and send in an estimated payment as soon as possible.
Here is some information from the IRS regarding the payment deadlines and how to pay the estimates: https://www.irs.gov/payments/pay-as-you-go-so-you-wont-owe-a-guide-to-withholding-estimated-taxes-an...
I hope that helps!
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