The beginning of the financial year sets the stage for a series of crucial tax deadlines. By April 14, it is essential for taxpayers and entities to issue TDS certificates related to various transactions and file foreign remittance statements. These early deadlines are designed to ensure compliance from the outset of the financial period.

Subsequently, April 30 marks another critical cutoff. Non-government deductors must deposit TDS and TCS for the month of March by this date. Furthermore, government offices are required to submit Form 24G, while taxpayers need to make essential declarations like Form 15G and 15H.

Tax Obligations Continue Through May

The momentum of tax-related activities continues into May, initiating with the deadline of May 7 for the deposit of TDS and TCS relevant to April. This marks the commencement of a busy month for individuals and businesses alike as they navigate various obligations.

May 15 brings the requirement to issue TDS certificates for specified transactions along with the issuance of TCS quarterly statements. Taxpayers must ensure that they meet these deadlines to avoid penalties.

Another significant date to note is May 30, which necessitates the submission of TCS certificates for the final quarter of FY 2025-26, along with certain disclosures related to business transactions. The month concludes on May 31, when various annual reporting duties occur, including financial transaction reporting under Form 61A and requisite donation disclosures.

Key Deadlines in June and July

By June 30, taxpayers and relevant institutions must fulfil reporting requirements concerning investment funds, securities transactions, and TDS filings. These obligations ensure that all parties remain compliant and are prepared for the upcoming months.

For many individuals, July experiences heightened activity, culminating in a crucial deadline on July 31. This date marks the deadline to file Income Tax Returns (ITR) for salaried and non-audited taxpayers. It is imperative to settle any outstanding tax liabilities before filing to avoid incurring interest or penalties.

Later Year Deadlines and Planning

The tax deadlines extend significantly beyond July. The second instalment of advance tax is due on September 15, followed closely by the audit-based ITR filing deadline on October 31, catering to those with additional compliance requirements.

November 30 is noted as the final date for submitting reports for those involved in transfer pricing. The third advance tax instalment is due by December 15, while individuals have until the end of December to file any belated or revised returns for the assessment year.

As the financial year draws to a close, January and February generally focus on tax planning and the submission of investment proofs to employers. March represents the final month to settle the last advance tax instalment, ensuring that total tax liabilities are adequately addressed. The year culminates on March 31, the deadline to make tax-saving investments under the old tax regime.

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