As several key tax compliance deadlines fall in July, taxpayers should stay alert and ensure they do not miss any of them. From filing an income tax return to depositing tax deducted at source, missing the ITR deadline will trigger late fees, interest on unpaid tax and the loss of the right to carry forward certain losses. Every taxpayer should meet these deadlines to avoid last-minute stress and the consequences of non-compliance.
Important tax deadlines in July
Taxpayers and businesses must prepare for several key deadlines in July, 2026 as several important tax compliance deadlines are falling during the month. Missing the ITR deadlines triggers late fees. There could be a late fee up to Rs 5,000 plus 1 percent monthly interest on unpaid taxes under Section 234A. You also lose the ability to carry forward certain losses to future years and may experience delayed tax refunds. However, you can still file a belated return by December 31 of the assessment year or an updated return within 24 months for an additional fee.
1. Filing ITR-1 and ITR-2
The ITR filing deadline for AY 2026-27 is on July 31, 2026 for taxpayers filing ITR-1 and ITR-2. This deadline applies to most salaried individuals and HUFs whose accounts do not require an audit. Failing to file your ITR by the July 31, 2026 deadline will result in a late-filing fee, additional interest on unpaid taxes and limitations on carrying forward eligible losses to future assessment years.
2. TDS and TCS returns
July 31 is the deadline for filing various quarterly TDS and TCS returns for the quarter ended June 30. This includes TDS statements for salary payments and payments made to non-residents.
3. Depositing TDS for April-June quarter
July 7 is the deadline for depositing TDS for the April-June quarter in cases where the quarterly payment approval has been granted. Late deposits will attract interest penalties.
4. Reporting obligations
July 15 is the due date for multiple reporting obligations, particularly for government offices, stock exchanges, authorised dealers, IFSC units and intermediaries dealing with non-resident investors.
5. Challan-cum statement filing
Taxpayers who have deducted TDS under Section 194-I A, 194-IB or 194M must file their challan cum statement for June deductions by July 30. Delay may lead to late filing fees and compliance issues.
6. Submitting prescribed forms
July 31 is the deadline for submitting some prescribed forms, including Form 10BA and Form 10E. Failing to file by the deadline means higher tax burden and potential late fees.
