Income Tax Calendar FY27: Key Deadlines Every Taxpayer Should Track to Avoid Penalties

As the new financial year begins, staying on top of tax deadlines is critical for individuals, businesses, and financial institutions. The Income Tax Calendar FY27 outlines important due dates for TDS deposits, advance tax payments, reporting requirements, and income tax return (ITR) filings. Missing these deadlines can lead to penalties, interest costs, and compliance issues.

Early-Year Compliance: April to June Crucial

The financial year starts with a busy compliance schedule. April includes key deadlines such as TDS certificate issuance for specified transactions and TDS/TCS payments for March.

In May, taxpayers must focus on TDS/TCS deposits for April, filing annual financial transaction reports (Form 61A), and submitting various declarations and certificates.

June marks an important milestone with the first instalment of advance tax due by June 15, along with issuance of TDS certificates and reporting by investment funds. These early deadlines set the tone for the rest of the year and require careful tracking.

Mid-Year Focus: ITR Filing And Advance Tax

July 31 is one of the most critical dates, as it is the deadline for filing ITRs for non-audit taxpayers for FY26. Any self-assessment tax must also be paid by this date.

Advance tax obligations continue through the year:

• September 15: Second instalment (45% cumulative)
• December 15: Third instalment (75% cumulative) 

For taxpayers requiring audit, the ITR filing deadline extends to October 31, while transfer pricing reports must be filed by November 30 where applicable.

Year-End Planning And Final Deadlines

December 31 is the last date to file belated or revised returns for AY27. As the year progresses into January and February, taxpayers should focus on tax-saving investments and submitting proofs to employers.

March remains crucial, with the final advance tax instalment due on March 15 and March 31 marking the last date for tax-saving investments under the old regime. It also serves as the final window for certain revised or belated filings.

Read more: PIB Fact Check: No, Income-Tax Clearance Certificate Not Mandatory for All Travellers.

Conclusion

The Income Tax Calendar FY27 serves as a practical roadmap for managing tax obligations throughout the year. Timely compliance not only helps avoid penalties but also enables better financial planning and smoother cash flow management.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.