Important Income-tax due dates you should know as a Taxpayer

Keeping track of all income tax deadlines can be challenging, but it’s crucial for staying compliant and avoiding penalties. To simplify the process, we’ve compiled a comprehensive list of important due dates, organized into easy-to-understand categories. From filing returns to paying advance tax and submitting forms, this guide ensures you have everything you need to stay on top of your tax obligations!

Income Tax Returns & Audit​

• 31st July– It’s the last date for filing Income-Tax Return (ITR) for individuals, HUFs, and other cases where audit is not applicable.
• 30th September– Last date for submitting the Income-tax audit report
• 31st October– Is the deadline to file ITR for companies, entities and parties relating to such entities requiring audit under the Income Tax Act or any other law
• 31st October- Due date for filing transfer pricing report in Form 3CEB.
• 31st November- Due date for filing ITR for businesses that require a transfer pricing report in Form 3CEB.
• 31st December- Last date for filing a belated or revised return for the previous financial year.

If you further wish to know whether you are required to File an Income-Tax Return (ITR) you may visit our FAQ’s here.

Ad​vance Tax Payments

• 15th June- First instalment (15% of the total tax liability calculated)
• 15th September- Second instalment (45% of the total tax liability calculated)
• 15th December- Third instalment (75% of the total tax liability calculated)
• 15th March- Fourth instalment (100% of the total tax liability calculated)
• 15th March- Full payment of advance tax for taxpayers declaring income under presumptive taxation scheme (i.e. 44AD, 44ADA, 44AE)​

Click here, to know more about the presumptive taxation scheme.

TDS/TCS

• 7th of every month- Due date for depositing TDS/TCS for the previous month except for month of March
• 30th April- Due date for depositing TDS for the month of March
• 31st July- Filing of TDS/TCS quarterly report for quarter ending 30th June
• 31st October- Filing of TDS/TCS quarterly report for quarter ending 30th September
• 31st January- Filing of TDS/TCS quarterly report for quarter ending 31st December
• 31st May - For the quarter ending 31st March

Form 24Q (TDS on Salaries)

• 31st July- Filing of TDS quarterly report for Salary for the quarter ending June 30th June
• 31st October- Filing of TDS quarterly report for Salary for the quarter ending 30th September
• 31st January- Filing of TDS quarterly report for Salary for the quarter ending 31st December
• 31st May- Filing of TDS quarterly report for Salary for the quarter ending 31st March

Form 26QB (TDS on Sale of Property)

• Within 30 days from the end of the month in which TDS is deducted

Issuance of TDS Certificates

• 15th August- For the quarter ending 30th June
• 15th November- For the quarter ending 30th September
• 15th February- For the quarter ending 31st December
• 15th June- For the quarter ending 31st March

Form 15G/15H Submission

• 30th June- For the quarter ending 30th June
• 30th September- For the quarter ending 30th September
• 31st December- For the quarter ending 31st December
• 31st March- For the quarter ending 31st March

Other Filings

• 31st May- For reporting specified (SFT) transactions during the financial year
• 31st August- For reporting high-value transactions in the Annual Information Return

Want to know what transactions are called as​ specified (SFT) transactions or high-value transactions, Click here.

Conclusion

This is a summarized list of due dates commonly applicable to taxpayers. Adhering to these dates ensures compliance and helps avoid penalties. For an exhaustive calendar of all deadlines under the Income Tax Act, visit the official Income Tax Portal.

Or else simply say goodbye to the hassles of tracking income tax due dates! Get in touch with our tax-experts at Taxarithm, we’ve got it all covered for you, get started now!