- July 31, 2026, is the key deadline for most individual taxpayers to file income tax returns
- Advance tax instalments are due on June 15, Sept 15, Dec 15, and March 15 every financial year
- Taxpayers with audit obligations must submit audit reports by Sept 30 and file returns by Oct 31
Income Tax Filing 2025-26: July marks the beginning of one of the busiest periods in India's tax calendar. For millions of taxpayers, the next few months will decide whether they remain compliant or end up paying avoidable interest and penalties.
From advance tax instalments to income tax return (ITR) filing, tax audit reports, and revised returns, several deadlines are lined up through March 2027. Missing even one of them could prove costly.
According to CA Suresh Surana, taxpayers should not wait until the last moment to meet these obligations. Staying ahead of the deadlines not only helps avoid penalties but also makes the filing process significantly smoother.
1. Advance tax due dates
Taxpayers with advance tax liability should keep track of four instalment dates every financial year:
- June 15
- September 15
- December 15
- March 15
CA Suresh Surana said missing these instalments can attract interest under Sections 424 and 425 of the Income Tax Act, 2025, which correspond to Sections 234B and 234C of the Income Tax Act, 1961.
He explained that interest under Section 424 may apply when the advance tax paid is less than 90 per cent of the assessed tax. The interest is charged at 1 per cent per month or part thereof on the shortfall.
Meanwhile, taxpayers who delay or underpay individual advance tax instalments may also face interest under Section 425 at 1 per cent per month for the period of default, Surana noted.
2. July 31, 2026: Deadline for most individual taxpayers
For salaried employees, pensioners and other non-audit taxpayers, July 31 remains the most important date on the tax calendar. Filing the return within the deadline helps taxpayers avoid late filing fees, interest on unpaid tax and, in certain cases, preserves their ability to carry forward eligible losses.
CA Suresh Surana advised taxpayers not to treat July 31 as the day to begin filing. Instead, he recommended completing document verification well in advance to avoid last-minute errors and technical glitches.
3. August 31, 2026: Deadline for certain business taxpayers
Some taxpayers with business or professional income who file ITR-3 or ITR-4 may have August 31 as their filing deadline, depending on their income profile and audit requirements. Surana said taxpayers should carefully determine which due date applies to them rather than assuming the July 31 deadline is universal.
4. September 30 and October 31: Tax audit and ITR filing
For taxpayers covered under tax audit provisions, September and October are crucial. Generally, the tax audit report should be submitted by September 30, while the corresponding income tax return is due by October 31.
According to CA Suresh Surana, taxpayers should complete reconciliations of their books of accounts along with Form 26AS, AIS, TIS and audit report details before filing the return. Proper reconciliation reduces the chances of discrepancies that could trigger notices later.
5. December 31, 2026: Last chance to file a belated return
Those who miss their original ITR deadline still get one final opportunity. December 31, 2026, is the last date to file a belated return for Assessment Year 2026-27.
However, CA Suresh Surana cautioned that belated filing may still result in late fees, interest and certain restrictions under the Income Tax Act. Taxpayers should therefore aim to file within their original due date whenever possible.
6. March 31, 2027: Extended window for revised returns
A significant change under the Income Tax Act, 2025 benefits taxpayers who discover mistakes after filing their returns. Beginning with AY 2026-27, revised returns can now be filed until the end of the relevant assessment year -- March 31, 2027.
CA Suresh Surana said this extended timeline gives taxpayers more flexibility to correct omissions or errors in returns already filed. Even so, he advised taxpayers to ensure accuracy at the time of original filing to minimise the need for revisions.
Why These Dates Matter
The tax calendar is no longer just about filing an annual return. It now involves multiple compliance milestones spread across the financial year.
As CA Suresh Surana pointed out, timely planning helps taxpayers avoid interest, penalties and unnecessary compliance issues. Keeping these six dates on the radar can make the difference between a hassle-free tax season and an expensive one.
