The new financial year FY26-27 has begun, bringing with it a fresh set of income tax deadlines. Staying on top of these timelines is essential for smooth compliance and avoiding penalties. Beyond filing your Income Tax Return (ITR), several other obligations, such as TDS, TCS, and advance tax, require timely action through the year.
April to May: Starting the compliance cycle
The financial year kicks off with multiple reporting and certification deadlines. By April 14, taxpayers must ensure TDS certificates are issued for specific transactions under Sections 194-IA, 194-IB, 194M, and 194S, along with filings like Form 15CC and client code modification reports.
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April 30 marks a busy deadline, including payment of TDS/TCS for March (for non-government deductors), Form 24G filing, and submission of Form 15G/15H declarations.
In May, key dates include May 7 for depositing April TDS/TCS and May 30 for issuing TCS certificates for Q4 FY 2025-26. By May 31, several annual filings such as Form 61A (financial transactions), Form 61B, and Form 10BD (donations) must be completed.
June to July: Advance tax and ITR filing
June brings important milestones. By June 15, taxpayers must pay the first installment of advance tax and issue TDS certificates for salary and non-salary payments. June 30 includes reporting requirements for investment funds and securities transactions.
The most crucial deadline comes on July 31, the last date to file ITR for salaried individuals and non-audit taxpayers. Any self-assessment tax due must also be paid by then.
September to December: Audit and additional filings
For taxpayers liable for audit, October 31 is the deadline for filing ITR. Transfer pricing reports, where applicable, must be submitted by November 30.
Advance tax obligations continue through the year. The second instalment is due by September 15 (45 per cent cumulative), followed by the third instalment on December 15 (75 per cent cumulative).
Taxpayers also get time until December 31 to file belated or revised returns for the assessment year.
Year-end planning and final deadlines
The final stretch of the financial year focuses on tax planning and closing obligations. Between January and February, taxpayers typically finalise investments and submit proofs to employers.
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March 15 is the deadline for the final advance tax instalment (100 per cent payment). By March 31, taxpayers must complete tax-saving investments under the old regime and finish any pending revised or belated filings for earlier years.
Keeping track of these dates can help ensure timely compliance and reduce last-minute stress.
