Paying Your Advance Tax Instalments
If your total tax liability for the financial year is expected to be ₹10,000 or more, you are required to pay advance tax. [7, 15, 19] This applies to everyone—salaried individuals, freelancers, and businesses—who has income not subject to Tax Deducted
at Source (TDS), such as rent, capital gains, or interest. [7, 19] The payments are due in four instalments: 15% by June 15, 45% by September 15, 75% by December 15, and 100% by March 15. [7, 15, 17] Missing these deadlines results in interest penalties under the Income Tax Act. [7, 16] For those under the Presumptive Taxation Scheme (sections 44AD and 44ADA), the entire advance tax can be paid in one go by March 15. [7, 17]
Submitting Investment Proofs to Your Employer
For salaried individuals who have opted for the old tax regime, submitting proof of tax-saving investments to your employer is a critical step. While the ultimate deadline to make these investments is March 31, employers typically ask for the proofs much earlier, often between January and March, to calculate your TDS correctly for the final months of the financial year. [9, 14, 25, 26] These proofs validate the deductions you declared at the start of the year for investments in instruments like PPF, ELSS, life insurance, and expenses like children's tuition fees. [9, 26] If you miss your employer's deadline, they will deduct a higher TDS. [9, 22] You can still claim these deductions when you file your return, but submitting proofs on time ensures your in-hand salary isn't unnecessarily reduced. [20]
The Deadline for Belated or Revised Returns
If you miss the primary ITR filing deadline (typically July 31 for most individuals), you still have a chance to file. [2] A 'belated return' can be filed until December 31 of the assessment year. [2, 3] For the financial year 2025-26, the deadline would be December 31, 2026. [2, 3, 6] However, filing late comes with consequences, including a late filing fee and the inability to carry forward certain losses. [3] The same December 31 deadline also applies if you need to file a 'revised return' to correct an error in your original filing. [3]
Making Tax-Saving Investments by March 31
This is a hard deadline for anyone following the old tax regime. All investments intended to claim deductions under sections like 80C (up to ₹1.5 lakh for PPF, ELSS, etc.), 80D (health insurance premiums), and others must be completed by March 31 of the financial year. [9, 14, 25] Any investment made on or after April 1 will count towards the next financial year. [25] This deadline is crucial for optimising your tax liability, and missing it means losing out on significant tax-saving benefits for that year. [25]
Aadhaar-PAN Linking and its Consequences
While deadlines have been extended multiple times, linking your Permanent Account Number (PAN) with your Aadhaar is a mandatory compliance step with serious repercussions if missed. [8, 10] For certain PAN holders, the deadline to link is December 31, 2025. [11, 12, 13] Failure to do so renders your PAN 'inoperative'. [8, 10] An inoperative PAN can prevent you from filing tax returns, receiving refunds, and may lead to TDS being deducted at a much higher rate. [8, 10] Though you can reactivate it by paying a penalty and completing the process, the disruption to your financial activities can be significant. [10]
Periodic KYC Updates for Bank Accounts
Know Your Customer (KYC) is not a one-time activity. The Reserve Bank of India (RBI) requires banks to periodically update customer information to prevent fraud and comply with anti-money laundering regulations. [27, 31] The frequency depends on your risk categorisation: every two years for high-risk customers, eight for medium-risk, and ten for low-risk. [27] In June 2025, the RBI eased norms, allowing low-risk customers whose KYC is due to continue transactions for up to a year or until June 30, 2026, whichever is later. [21, 23, 24] Banks are required to send multiple reminders before your due date. Ignoring them could eventually lead to restrictions on your account. [27]
