July 7: TDS and TCS Payment Deadline
The first major date to circle on your calendar is July 7. This is the deadline for depositing Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) for the month of June 2026. This applies to all payments where tax was withheld, such as salaries,
professional fees, rent, and commissions. Forgetting this step can lead to interest penalties, so it's crucial for businesses and individuals who are required to deduct tax to ensure their payments are made on time. Additionally, for deductors who have received permission from their Assessing Officer for quarterly TDS deposits, July 7 is the deadline for the entire April to June 2026 quarter.
July 15: Quarterly Statements and Reports
Mid-July brings another set of important compliance tasks, primarily related to quarterly reporting. By July 15, authorised dealers must furnish their quarterly remittance reports in Form 147. Similarly, International Financial Services Centre (IFSC) units have a deadline to file their quarterly statements regarding remittances to non-residents. While this may not affect the average individual taxpayer, it is a critical date for financial institutions and specific business entities to keep their records in order with the tax authorities.
The Big One: July 31 ITR Filing Deadline
For millions of Indians, July 31 is the most important tax date of the year. This is the due date for filing Income Tax Returns (ITR) for the Financial Year 2025-26 (Assessment Year 2026-27). This deadline primarily applies to salaried individuals, pensioners, and those with income from house property or other sources whose accounts are not required to be audited. To file, you'll need your Form 16, which employers were required to issue by June 15. Missing the July 31 deadline can result in a late filing fee, interest on any tax due, and the inability to carry forward certain losses.
Who Needs to File by July 31?
The July 31 deadline generally covers taxpayers who file ITR-1, ITR-2, and some ITR-4 cases. ITR-1 is for resident individuals with a total income up to ₹50 lakh from salary, one house property, and other sources. ITR-2 is for individuals and Hindu Undivided Families (HUFs) who are not eligible for ITR-1 and do not have income from business or profession. It’s important to note that individuals and businesses whose accounts need to be audited have later deadlines in October. Similarly, some non-audit business filers using ITR-3 or ITR-4 may have a deadline of August 31. However, for the vast majority of individual taxpayers, July 31 is the final day to file without penalty.
July 31: Quarterly TDS/TCS Return Filing
Beyond individual tax returns, July 31 also marks the deadline for filing quarterly TDS and TCS statements for the first quarter of the financial year (April to June 2026). This is when deductors must submit detailed reports of the taxes they've withheld and deposited. The forms include Form 138 for salary TDS and Form 140 for non-salary TDS, among others. Timely and accurate filing of these returns is essential for businesses to stay compliant and to ensure that the tax credits are correctly reflected in the accounts of their employees and vendors. Failure to file on time attracts a daily penalty until the return is filed.
