Managing your money isn't just about picking the right stocks or waiting for the market to peak; it’s also about keeping the taxman happy by hitting the right deadlines. Think of the income tax calendar as your financial GPS. It keeps you on track, helps you avoid those annoying wrong turn penalties, and ensures you don't lose your hard-earned gains to interest charges. Whether you’re a salaried professional or running your own business, staying on top of these dates is the simplest way to keep your wealth-creation journey stress-free. Let’s walk through the essential dates you need to circle for the 2024-25 and 2025-26 cycles.

The Two years you need to know: FY 2024-25 vs AY 2025-26

Before we get into the dates, let’s clear up a common point of confusion. The Financial Year (FY) 2024-25 is the year you are actually earning your paycheck or booking profits (April 1, 2024 – March 31, 2025). The Assessment Year (AY) 2025-26 is the following year when the government looks at those earnings and asks you to file your papers.

When people talk about the July deadline, they are usually referring to the Assessment Year. For most of you reading this in late 2025, we are looking at the final stretch of the current compliance cycle.

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Income Tax Return (ITR) Deadlines: Don't Leave it to the Last Minute

Filing your ITR is like a final exam for your finances. In 2025, we saw some significant updates from the tax department, including extensions that gave taxpayers a bit more breathing room.

Critical Dates for AY 2025-26 (Income earned in 2024-25)

Who are you?

The Standard Deadline

What happened in 2025?

Individuals & Salaried Professionals

July 31, 2025

Extended to September 16, 2025

Businesses needing a Tax Audit

October 31, 2025

Extended to December 10, 2025

Transfer Pricing cases (International)

November 30, 2025

No change

Belated/Revised Returns

December 31, 2025

Final cutoff for the year

In 2025, the government pushed the individual deadline from July to September 16. Why? To make sure that everyone's Annual Information Statement (AIS) and Form 26AS were perfectly synced. If you missed that September window, don’t panic, you have until December 31, 2025, to file a Belated Return, though it will cost you a small late fee.

Advance Tax: Paying as You Earn

If you expect to owe more than ₹10,000 in tax for the year (after your boss deducts TDS), the government wants that money in installments rather than a lump sum at the end. This is Advance Tax.

The Advance Tax Schedule for FY 2025-26

Due Date

How much to pay?

Who is this for?

June 16, 2025

15% of estimated tax

Everyone (except small businesses/seniors)

September 15, 2025

45% (Cumulative)

Everyone

December 15, 2025

75% (Cumulative)

Everyone

March 15, 2026

100% (Final)

Everyone + Presumptive Tax users

Pro-Tip for Seniors: If you are 60 or older and don't run a business (i.e., you only have pension or interest income), you get a pass on Advance Tax. You can just pay your tax when you file your return.

TDS & TCS: The monthly chores

If you are an employer or a business owner, you’re basically a mini-collector for the government. You deduct tax (TDS) from salaries or payments and must hand it over every month.

The 7th of Every Month: This is your recurring deadline. Tax deducted in June must be paid by July 7th.
The March Exception: For the month of March, you have until April 30th to make the payment.

Quarterly Reporting (The Paperwork Deadlines)

Paying the money is step one. Filing the statement is step two.

Quarter 1 (Apr-Jun): July 31
Quarter 2 (Jul-Sep): October 31
Quarter 3 (Oct-Dec): January 31
Quarter 4 (Jan-Mar): May 31

Other Dates that matter for your wallet

May 31, 2025: If you made a high-value transaction (like buying a luxury car or a property), this is the deadline for banks and companies to report it via the SFT (Statement of Financial Transactions). It will show up in your AIS shortly after.
June 15, 2025: The day you should start bugging your HR for Form 16.
March 31, 2026: The absolute last day to make tax-saving investments (like ELSS or PPF) to count for the 2025-26 financial year.

What if I missed it? (Section 139(8A) - The Lifeline)

Life happens. Maybe you forgot a bank account or a small capital gain. The government now allows something called an Updated Return (ITR-U). You can file this even 24 months after the assessment year ends.

For example, right now in late 2025, you could technically still fix a mistake from your FY 2022-23 filings. The catch? You can't use it to claim a refund; it's only for when you need to pay a bit more to stay clean.

The cost of being late (Late Fees & Interest)

It’s always cheaper to be on time. Here’s what the late tax looks like:

Late Fee (234F): If you file after the September 16 deadline but before December 31, it’s ₹5,000. If your total income is below ₹5 lakh, it’s capped at ₹1,000.
Interest (234A/B/C): This is the silent killer. It's usually 1% per month on the tax you owe. Over a year, that’s 12% more than what many savings accounts offer!

A quick compliance checklist for 2026

Check your AIS/TIS: Do this at least twice a year to ensure no surprises.
Verify Bank Accounts: Ensure your bank account is Pre-validated on the tax portal so your refund doesn't get stuck.
Choose Your Regime: Decide early if you’re sticking with the New Regime (default) or opting for the Old Regime for deductions.
E-Verify: Filing the return isn't enough; you must e-verify it within 30 days using your Aadhaar OTP.

Conclusion

Tax compliance doesn't have to be a nightmare. In fact, it's just a set of five or six key dates a year that determine whether you keep your profits or hand them back in penalties. By using this calendar to plan your cash flow especially for those quarterly advance tax payments you ensure that your Sit Tight investment strategy isn't interrupted by a sudden tax notice. Stay organized, file early, and let your wealth grow without the baggage of late fees.

Frequently Asked Questions (FAQs)

Is the ITR deadline really in September now?

Yes, for the 2025 cycle (AY 2025-26), the government extended the individual deadline from July 31 to September 16, 2025. However, for next year (2026), you should still plan for July 31 unless an extension is announced.

Can I still get my tax refund if I file late?

Yes, you can still get a refund if you file a belated return by December 31, but you will have to pay the late filing fee first, which might eat into your refund amount.

What is the difference between Form 26AS and AIS?

Think of Form 26AS as your tax passbook (it shows TDS/TCS). The AIS (Annual Information Statement) is much broader—it shows your stock market trades, savings interest, and even large purchases.

I have no business income, do I need to pay Advance Tax?

Only if your estimated tax liability (after TDS) is more than ₹10,000. For most salaried people, HR deducts enough TDS that they don't need to worry about Advance Tax.

What happens if I miss the December 31 Belated Return deadline?

After December 31, your only option is to file an Updated Return (ITR-U), but only if you have additional tax to pay. You cannot file a return after December 31 just to claim a refund.

Do I need to file ITR if my income is below ₹7 lakh?

Under the New Tax Regime, you pay zero tax up to ₹12 lakh (due to rebates in 2025-26), but you must still file a return if your gross income exceeds the basic exemption limit (₹4 lakh).

Is March 15th the last day for everything?

March 15th is the deadline for the final installment of Advance Tax. However, you have until March 31st to actually make tax-saving investments like ELSS or insurance.

Can I revise my return if I realize I made a mistake?

Yes! You can file a Revised Return any time before December 31, 2025. There is no penalty for revising a return that was originally filed on time.

Why is E-verification important?

If you don't E-Verify (usually via Aadhaar OTP) within 30 days of filing, the tax department treats it as if you never filed at all.

What is the penalty for not paying Advance Tax?

You will be charged 1% simple interest per month under Section 234B and 234C. It’s calculated from the date the installment was due until the date you finally pay.

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