Tax Filing Deadlines in India: What You Need to Know

Posted In | Finance | Accounting Software | India Accounting Tax

Filing taxes on time is an important responsibility for every individual and business entity in India. The Income Tax Department has set specific deadlines, or due dates, for filing Income Tax Returns (ITR) and other related documents to ensure a smooth and efficient tax collection process. This article will provide you with an overview of the most important tax filing deadlines in India that you need to be aware of.

 

Income Tax Return (ITR) Filing Deadlines

The due dates for filing Income Tax Returns vary depending on the category of taxpayer and their financial year-end. Here are the key deadlines for different categories of taxpayers:
 

• Individuals, Hindu Undivided Families (HUFs), and Businesses (not subjected to tax audit): The deadline for filing Income Tax Returns for these taxpayers is typically July 31 of the Assessment Year (AY).
   

• Businesses subjected to tax audit: The due date for filing Income Tax Returns for businesses that require a tax audit is generally September 30 of the Assessment Year.
   

• Working Partners of a firm: The deadline for filing Income Tax Returns for working partners whose accounts are required to be audited is also September 30 of the Assessment Year.
   

• Companies: The deadline for filing Income Tax Returns for companies is typically September 30 or November 30 of the Assessment Year, depending on whether the company is required to furnish a transfer pricing report.
   

Please note that these deadlines may be subject to change, and it is always advisable to check the Income Tax Department's official website for the latest information on due dates.

 

Tax Deducted at Source (TDS) Return Filing Deadlines

Entities deducting tax at source are required to file TDS returns every quarter. The due dates for filing TDS returns are as follows:
 

• Quarter 1 (April-June): The deadline for filing TDS returns for Quarter 1 is July 31.
   

• Quarter 2 (July-September): The deadline for filing TDS returns for Quarter 2 is October 31.
   

• Quarter 3 (October-December): The deadline for filing TDS returns for Quarter 3 is January 31.
   

• Quarter 4 (January-March): The deadline for filing TDS returns for Quarter 4 is May 31.
   

It is crucial to file TDS returns on time to avoid penalties and ensure compliance with the Income Tax Act.

 

Advance Tax Payment Deadlines

Advance tax refers to the payment of tax liabilities in installments throughout the financial year, rather than in a lump sum at the end of the year. Taxpayers whose estimated tax liability exceeds INR 10,000 in a financial year are required to pay advance tax. The advance tax payment deadlines are as follows:
 

• June 15: Payment of at least 15% of the estimated advance tax liability.
   

• September 15: Payment of at least 45% of the estimated advance tax liability, after deducting the amount paid in the previous installment.
   

• December 15: Payment of at least 75% of the estimated advance tax liability, after deducting the amount paid in previous installments.
   

• March 15: Payment of the entire balance of the estimated advance tax liability, after deducting the amount paid in previous installments.
   

Failure to pay advance tax on time may result in the levy of interest under Sections 234B and 234C of the Income Tax Act.

 

Being aware of the tax filing deadlines in India is crucial for taxpayers to ensure timely compliance and avoid penalties. It is always advisable to consult with a tax professional or advisor to help you understand your tax obligations and ensure that you meet the required deadlines.