The commencement of the new financial year signals a flurry of tax-related deadlines that taxpayers should not overlook. Starting from April, obligations such as issuing TDS certificates and filing foreign remittance statements need attention before April 14. Additionally, April 30 marks the deadline for non-government deductors to deposit TDS and TCS for March, while Government offices must file Form 24G, and submissions like Form 15G and 15H are required.
Moving into May, taxpayers must deposit TDS and TCS for April by May 7. Further, by May 15, TDS certificates for specific transactions and TCS quarterly statements must be issued. May 30 is another significant date when TCS certificates for the last quarter of FY 2025–26 along with specific business transaction disclosures are due. Lastly, May 31 brings about various annual reporting obligations, including financial transaction reporting via Form 61A, donation disclosures, and filings by financial institutions.
June focuses on advance tax matters, especially for salaried individuals and investors. By June 7, TDS and TCS for May must be deposited. Notably, June 15 signifies the first instalment of advance tax for FY27, alongside the issuance of TDS certificates for salary and non-salary payments. Ending the month, June 30 requires taxpayers and institutions to complete reporting related to investment funds, securities transactions, and TDS filings.
July 31 stands out as a crucial deadline for most individuals, as it marks the last day to file Income Tax Returns (ITR) for salaried or non-audited taxpayers. To avoid interest or penalties, any outstanding tax liability should be settled before filing the return.
Beyond July, tax obligations persist. The second instalment of advance tax must be paid by September 15, followed by the audit-based ITR filing deadline on October 31. Transfer pricing requirements necessitate reports to be submitted by November 30. December 15 marks the deadline for the third advance tax instalment, and December is the final window to file belated or revised returns for the assessment year.
As the fiscal year approaches its conclusion, January and February are typically devoted to tax planning and submitting investment proofs to employers. By paying the final advance tax instalment by March, taxpayers ensure complete coverage of their tax liability. March 31 also serves as the deadline for making tax-saving investments under the old tax regime and finalizing any pending filings from previous years.
Maintaining organization and awareness of these deadlines can greatly simplify tax compliance and financial planning. Strategic planning throughout the year can help taxpayers avoid last-minute rushes, reduce stress, and prevent penalties, ultimately ensuring financial stability.