With July marking one of the busiest periods in the income tax calendar, taxpayers ranging from salaried individuals to businesses and tax deductors must stay vigilant about multiple statutory deadlines. These key dates govern everything from Advance tax payments and regulatory reporting to income tax return (ITR) filing obligations. Missing any of these deadlines may trigger late fees, interest liabilities, and compliance risks. Therefore, timely awareness and proactive planning are critical to ensure smooth tax compliance and avoid unnecessary penalties.
Key Dates to Note:
1. Advance Tax Due Dates:
Taxpayers having advance tax liability should track instalment dates of 15 June, 15 September, 15 December and 15 March. Missing these dates may result in interest liability under sections 424 and 425 of the Income Tax Act, 2025 (corresponding to section 234B and 234C of ITA 1961). Interest liability may arise under Section 424 where the advance tax paid is less than 90% of the assessed tax, and such interest is computed at simple interest at 1% per month or part thereof on the shortfall. Further, interest under Section 425 may be applicable for deferment/short payment of advance tax instalments, also at applicable at simple interest at 1% per month for the period of delay.
2. July 31, 2026 – ITR Filing Deadline:
This is generally the due date for salaried individuals, pensioners and other non-audit taxpayers i.e. not having income from Business and Profession. Filing within this date helps avoid late fees and preserves certain loss carry-forward benefits. Missing this deadline can lead to late filing fees, interest on outstanding tax dues, and restrictions on loss carry-forward.
3. August 31, 2026 – ITR Filing Deadline:
This date is relevant for certain non-audit taxpayers with business or professional income filing ITR-3/ITR-4. Such taxpayers should verify the applicable due date based on their income profile and audit requirement.
4. September 30, 2026 and October 31, 2026 – Tax Audit Report and ITR Filing
Taxpayers covered by tax audit should generally ensure that the tax audit report is furnished by 30 September, where the ITR filing due date is 31 October. Taxpayers should complete reconciliation of books, Form 26AS, AIS/TIS and audit report details before filing the return.
5. December 31, 2026 and March 31, 2027 – Due Dates for Belated Return and Revised Return:
31 December is relevant as the last date for filing a belated return for AY 2026-27, where the original return was not filed within the due date. Separately, from AY 2026-27 onwards, the timeline for filing a revised return has been extended up to the end of the relevant assessment year, i.e., 31 March, enabling taxpayers to correct errors or omissions in an already filed return within the prescribed time.
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