Tax Compliance Deadlines In July 2026 That Every Taxpayer Should Follow

July is going to be an important month for taxpayers as several income tax-related compliances, including filing of ITRs, making TDS payments, and making quarterly statements, are to be done by the taxpayers during this month.

Taxpayers need to ensure that they complete these obligations on time to avoid late fees and other implications of the Income Tax Act.

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July 7: TDS Deposit Due

Tax deductors who have been permitted to deposit TDS on a quarterly basis for the April-June quarter must deposit the tax by July 7. Delayed payment may attract interest and other applicable charges.

July 15: Reporting Requirements

Several reporting obligations fall due on July 15. These apply to government offices, recognised stock exchanges, authorised dealers, International Financial Services Centre (IFSC) units and intermediaries handling transactions involving non-resident investors.

July 30: Challan-Cum-Statement Filing

Specified tax deductors must submit the challan-cum-statement for taxes deducted during June by July 30.

July 31: Last Date To File ITR

Date 31st July is the last date of filing Income Tax Returns in the cases of persons filing ITR-1 and ITR-2 for the financial year 2025-26 (Assessment Year 2026-27). In case a person misses that date, he may still be able to file his Income Tax Return, but extra costs and compliance will be there.

31st July: Quarterly TDS/TCS Returns

The same date is also the last date of filing Quarterly TDS/TCS Returns up to 30th June. These include TDS returns relating to salary payments as well as certain payments made to non-residents.

July 31: Submission Of Prescribed Forms

Several prescribed forms must also be submitted by July 31. These include Form 10BA for deduction under Section 80GG on rent paid, Form 10E for relief on salary received in arrears or advance, and Forms 10H, 10CCE and 10CCD relating to specified foreign income and royalty-linked deductions.

Consequences Of Missing The ITR Deadline

Those taxpayers who do not file the return before the stipulated date of July 31 will have an option of ITR filing a belated return till December 31, 2026. But the failure to file the tax return on time might also make the taxpayers liable for paying a penalty which will be a maximum of ₹5,000 for taxpayers having the total income more than ₹5 lakh.

The maximum penalty for taxpayers having total income up to ₹5 lakh is ₹1,000. In addition to the above mentioned penalty, there may also be an interest charge on outstanding taxes and inability to carry forward the eligible business or capital losses. In addition, taxpayers may also have the choice to file ITR-U within 24 months.