Income Tax Deadlines FY27: Every Date You Need to Know Before You're Hit With a Penalty

Income Tax Deadlines FY27: Every Date You Need to Know Before You're Hit With a Penalty

Income Tax Deadlines FY27: Most taxpayers remember one date — July 31, the ITR filing deadline. The rest of the year? A blur. But here's the thing: income tax compliance in FY 2026-27 isn't a single event. It's a year-long calendar of TDS deposits, advance tax installments, quarterly statements, and investment windows — each with its own deadline and its own penalty for missing it.

Whether you're salaried, a freelancer, or running a business, this guide lays out every important income tax deadline for FY27, month by month. Bookmark it. Set your reminders. Save the headache.

The real problem most taxpayers miss

What usually causes confusion is the assumption that "TDS is already deducted, so I'm covered." That's partially true for salaried employees — but only for salary income. Rental income, freelance payments, capital gains, or interest from fixed deposits? Those often come with little or no TDS deducted at source. And if your total tax liability for the year exceeds ₹10,000, advance tax applies to you — in four separate installments.

Miss any one of those, and Sections 234B and 234C kick in with interest charges. It adds up fast.

Month-by-month tax deadline calendar — FY 2026-27

April 2026

Date	Compliance task
14 April	Issue TDS certificates for certain specified transactions; report client code modifications on stock exchanges; file Form 15CC for foreign remittances
30 April	Deposit TDS and TCS for March; submit Form 24G (government offices); submit Form 15G/15H declarations to banks

Start of the financial year — submit Form 15G or 15H to your bank immediately if your income falls below the taxable limit. Waiting till December means months of unnecessary TDS deductions and a refund you'll have to chase.

May 2026

Date	Compliance task
7 May	Deposit TDS and TCS for April
15 May	Issue TDS certificates; file quarterly TCS statement
30 May	Issue TCS certificates for Q4 of FY 2025-26
31 May	File Statement of Specified Financial Transactions (Form 61A); complete any pending PAN-related compliance

June 2026

Date	Compliance task
7 June	Deposit TDS and TCS for May
15 June	Issue TDS certificates for salary and other payments; Advance Tax — 1st installment (at least 15% of estimated annual tax)
30 June	Reporting for securities transactions and other prescribed transactions

July 2026

Date	Compliance task
7 July	Deposit TDS and TCS for June
31 July	ITR filing deadline — salaried individuals and non-audit cases; pay any self-assessment tax due

September 2026

Date	Compliance task
7 September	Deposit TDS and TCS for August
15 September	Advance Tax — 2nd installment (cumulative 45% of estimated annual tax)

October 2026

Date	Compliance task
7 October	Deposit TDS and TCS for September
31 October	ITR filing deadline — cases requiring a tax audit

November 2026

Date	Compliance task
7 November	Deposit TDS and TCS for October
30 November	File transfer pricing audit report in Form 3CEB (for businesses with international transactions)

December 2026

Date	Compliance task
7 December	Deposit TDS and TCS for November
15 December	Advance Tax — 3rd installment (cumulative 75% of estimated annual tax)
31 December	Last date to file a belated or revised ITR for FY 2025-26

January–February 2027

Period	What to do
Jan–Feb	Plan and complete tax-saving investments under 80C, 80D, NPS, etc.; submit investment proof to employer so TDS gets adjusted correctly for the remaining months

March 2027

Date	Compliance task
15 March	Advance Tax — 4th and final installment (100% of estimated tax)
31 March	Last date for tax-saving investments under old tax regime (80C, 80D, etc.); last date for certain belated/revised returns where still applicable

Two real-world examples

Example 1 — Arjun, a salaried professional with freelance income

Arjun earns ₹9 lakh from his job and another ₹2.5 lakh from freelance design projects. His employer deducts TDS on salary correctly. But the freelance income? Paid directly to his account — no TDS deducted.

That ₹2.5 lakh means he owes advance tax in four installments starting June 15. If he skips it and pays everything in March, interest under Section 234C applies for each missed installment — even if he eventually pays the full amount on time in March.

The fix? A simple advance tax calculation in May, and four calendar reminders for the due dates.

Example 2 — Meera, a small business owner

Meera runs a boutique and deducts TDS on rent paid to her landlord. The monthly TDS deposit deadline is the 7th of the following month. One month she pays on the 10th — just three days late. Under Section 201(1A), late deposit of TDS attracts interest at 1.5% per month (calculated from the date of deduction). Three days late, proportional interest charged. Not catastrophic — but entirely avoidable.

The real issue is: one recurring reminder on the 5th of every month would have prevented this completely.

Common mistakes — 7 that cost taxpayers the most

1. Ignoring advance tax. "My employer deducts TDS, so I'm fine." True for salary — not for side income. Freelancers and investors are the biggest victims here.
2. Last-minute March investments. Rushing 80C investments on March 28 limits your choices and sometimes the quality of those choices. January is the better deadline you set for yourself.
3. Confusing TDS deposit with TDS return filing. Monthly TDS deposit (7th of every month) and quarterly TDS return filing (due around July 31, October 31, etc.) are separate obligations with separate penalties.
4. Not checking Form 26AS before filing. TDS was deducted but not reflected in 26AS because the deductor filed incorrectly? Your ITR will show a mismatch. Always verify before filing.
5. Missing the revised ITR window. Made an error in your original ITR? You have until December 31 to fix it. After that, you're stuck with what you filed.
6. Skipping Form 15G/15H in April. If you submit it late — say, August — the bank has already deducted TDS for months. You'll get it back as a refund eventually, but that's money blocked for no reason.
7. Overlooking transfer pricing deadlines. Businesses with international transactions often miss the November 30 Form 3CEB deadline because it gets buried under other year-end tasks. The penalty for non-filing is significant.

Common approach: "I'll sort out taxes in March when everything is due."

Better approach: Set six calendar reminders in April — for June 15, July 31, September 15, December 15, December 31, and March 15. That covers 90% of what matters.

Your FY27 tax compliance checklist

• In April: submit Form 15G/15H to your bank if applicable. Do it now, not later.
• By end of May: check your AIS (Annual Information Statement) on incometax.gov.in to spot any discrepancies early.
• Before June 15: calculate your estimated annual tax liability and pay the first advance tax installment if applicable.
• Set a recurring monthly reminder for the 5th — to ensure TDS/TCS is deposited by the 7th.
• Before July 31: verify Form 26AS, cross-check TDS entries, and file your ITR. Don't wait for the last few days — the portal slows down.
• By September 15: pay the second advance tax installment (cumulative 45%).
• By October 31: file ITR if your accounts require a tax audit.
• If your original ITR had errors, revise it before December 31.
• In January: decide on old vs new tax regime and submit investment proofs to your employer.
• By March 15: pay the final advance tax installment. By March 31: complete any remaining tax-saving investments under the old regime.

Frequently asked questions

1. If my employer deducts TDS from my salary, do I still need to pay advance tax?

If your only source of income is salary and your employer has deducted TDS correctly, you generally don't need to pay advance tax separately. But if you have additional income — freelance work, rental income, capital gains, interest from FDs — and your total tax liability after TDS credit exceeds ₹10,000, advance tax applies. The rule of thumb: estimate your total income in April, subtract expected TDS, and if the balance liability crosses ₹10,000, plan for four advance tax installments.

2. I missed the July 31 ITR deadline. What happens now?

You can still file a belated ITR up to December 31, 2026. However, a penalty under Section 234F applies — up to ₹5,000 (or ₹1,000 if your total income is below ₹5 lakh). On top of that, if there was any tax dues, interest under Section 234A accumulates from August 1 onward. The sooner you file after missing the deadline, the lower your total cost. Note: belated returns often can't carry forward certain losses, particularly capital loss — one more reason to file on time.

3. What's the difference between a belated ITR and a revised ITR?

A belated ITR is one filed after the original due date (July 31). A revised ITR is one you file to correct mistakes in an already-submitted return — it can be filed whether or not you met the original deadline, as long as you do it by December 31. A belated return attracts penalties; a revised return does not (as long as it's filed within the deadline). You can also revise a belated return if needed.

4. When should I expect to receive my Form 16?

Employers are required to issue Form 16 by June 15 of the assessment year. So for FY 2026-27, you should receive it by June 15, 2027. For other payments — bank interest, contractor payments, etc. — Form 16A is issued quarterly. If your employer hasn't issued Form 16 by mid-June, send a formal written request. It's a statutory requirement, not a favour.

5. Old tax regime or new for FY27 — how do I decide?

The new regime offers lower slab rates but removes most deductions (80C, HRA, home loan interest, etc.). The old regime lets you claim all those deductions, which can significantly reduce taxable income if your deductions are substantial. A rough rule: if your annual deductions under 80C, 80D, and HRA together exceed ₹2–2.5 lakh, the old regime often works out better. Use a basic tax calculator — inputs from both regimes and compare the actual outflow. Make this decision in January so your employer can adjust the remaining TDS correctly.

This calendar is a general reference guide. Dates are based on standard provisions and may be revised by government notification during the year. For complex situations — business income, international transactions, capital gains — verify with a chartered accountant or check incometax.gov.in for official circulars.