The First Advance Tax Instalment
For salaried individuals with other income sources (like capital gains or rental income) and for freelancers and business owners, June 15th was a crucial date. It was the deadline for paying the first instalment of advance tax for the financial year 2025-26.
This payment should account for 15% of your total estimated tax liability for the year. If you've missed this deadline, it's essential to pay it as soon as possible. Delaying further will result in penal interest being charged under Section 234C of the Income Tax Act. The interest is calculated at 1% per month on the defaulted amount. Acting now, even if late, can minimise this additional cost. It applies to anyone whose total tax liability in a financial year is estimated to be INR 10,000 or more.
Employers: Issuing Form 16
While this is a deadline for employers, it directly impacts every salaried employee. The last date for companies to issue Form 16 to their employees was June 15, 2026. Form 16 is the certificate of Tax Deducted at Source (TDS) and contains all the details you need to file your Income Tax Return (ITR) accurately. By now, you should have received it. If you haven't, contact your HR or payroll department immediately. Without this form, filing your taxes becomes a complicated process of estimation, which can lead to errors, notices from the tax department, and potential penalties. Having the form in hand now gives you ample time to prepare for the ITR filing deadline of July 31.
Company Compliance: Filing Form DPT-3
For businesses, another important deadline looms on June 30. Companies that have accepted deposits or loans are required to file Form DPT-3 with the Registrar of Companies (ROC). This form is a one-time return detailing all outstanding loans and deposits as of March 31, 2026. Failing to file this form on time can attract hefty penalties for the company, making it a critical compliance task to wrap up before the month ends. This ensures transparency in a company's financial dealings and is a mandatory annual requirement under the Companies Act.
Check Your Credit Card Perks
The end of June marks the end of a financial quarter, which is when some credit card rules and benefits reset. For example, some HDFC Bank credit card holders need to have spent at least Rs 60,000 between April and June 2026 to be eligible for complimentary airport lounge access in the upcoming quarter (July-September). Similarly, SBI Card is also revising its reward points programme for some co-branded cards from July 1. Take a few minutes before the month ends to review your card's terms and conditions and check your spending to ensure you don't miss out on perks you were counting on for the next three months.
Looking Ahead: Prepare for July's Changes
June serves as the final month to prepare for a wave of changes effective from July 1, 2026. These include new RBI rules to curb the mis-selling of financial products by banks, ensuring customers who are sold unsuitable products may get refunds. Furthermore, the primary deadline for filing your Income Tax Return for the financial year 2025-26 is July 31. Use the remainder of June to gather all necessary documents, including Form 16, bank statements, and investment proofs, so you are ready to file your return without a last-minute scramble.
