Important Income Tax Deadlines for FY 2026-27:

July is a time when the tax year in India begins. Within the coming months, many taxpayers will have to comply with several deadlines in order to remain compliant and avoid interest payments and penalties.

Among the deadlines that must be met are advance tax payment, filing of Income Tax Returns (ITRs), submission of tax audit reports and filing of revised returns. Failure to comply with them may result in additional expenses.

It is highly recommended by tax professionals for taxpayers not to wait till the deadline. Apart from avoiding penalties, timely filing will ensure smoothness of the whole procedure.

Due Dates for Advance Taxes

Persons who are supposed to pay their advance taxes must not forget the following due dates every fiscal year:

• June 15

  

• September 15

• December 15

• March 15

Failure to pay any of the above instalments will attract interest penalties as per the Income Tax Act, 2025.

Where the taxpayer pays less than 90 percent of his total advance tax, then he may have to pay the interest according to the Income Tax Act, which is applicable on the shortfall of 1 percent per month on the unpaid amount.

Likewise, where there is a delay in payment or insufficient advance tax is paid, interest of 1 percent will be charged per month.

July 31, 2026: Last Date for Filing ITR

The date July 31, 2026 would be the last date for filing of ITR by salaried individuals, pensioners, and other such taxpayers who do not come under the purview of income tax audit.

If they file their ITR on time, there are no late payment penalties or interest on taxes, and some taxpayers can carry forward their losses.

Experts from the tax field suggest ensuring that all documentation is correct before filing the return prior to the deadline to prevent any last-minute errors or problems.

August 31, 2026: ITR Deadline for some Business Taxpayers

Some taxpayers whose source of income is from businesses or professions filing form ITR-3 or ITR-4 will be required to file ITR on August 31, 2026, based on their income and audit status.

The taxpayer must verify his/her filing deadline rather than assuming it to be July 31 for all taxpayers.

September 30 & October 31 - Tax Audit and ITR Filing

Those taxpayers who are supposed to be audited for taxes normally have September 30 as the date for submission of the tax audit report, while the Income Tax Return (ITR) is normally due before October 31.

It is advisable that one reconciles their accounting books against Form 26AS, AIS, TIS, and details of the tax audit before filing the return.

Deadline for Belated Income Tax Return Filing on December 31, 2026

In case an individual is unable to file his/her Income Tax Return (ITR) on time, he/she can file it in a belated manner until December 31, 2026, for assessment year 2026-27.

There might be some penalties, interest, and limitations on late filing of ITR. Therefore, it is advisable that an individual files his/her ITR in time.

March 31, 2027: Deadline for Revised Returns

Taxpayers can submit their revised returns in case of any errors or incomplete data in the Income Tax Return (ITR) by March 31, 2027, for Assessment Year 2026–27.

The revised deadline provides an opportunity for taxpayers to rectify the errors that have occurred. Nevertheless, it is recommended that one must file the initial return without making any mistakes.

The Importance of the Above Dates

Filing for tax returns is not only restricted to filing one's annual income tax return. Throughout the year, there are certain dates that need to be observed by taxpayers.

Making preparations ahead of time and meeting the above deadlines will enable taxpayers to save themselves from having to pay interest rates, penalties, etc. It will make their job of filing for taxes easier.