Income Tax
New Income Tax Act 2025 Filing Calendar for Employers and HR Teams: Documents, Forms & Workflow
Reviewed by CA Nikhil Gupta · Last reviewed 23 June 2026
Official sources cited: Income Tax Act 2025 | Income Tax Rules 2026 | CBDT Notifications | incometax.gov.in | TRACES TDS Compliance FAQ
The Income Tax Act, 2025 and Income Tax Rules, 2026 changed virtually every employer-facing compliance form and process. Form 24Q is now Form 138. Form 16 is now Form 130. Form 12BB is now Form 124. Every deadline that employers have followed for decades is now mapped to a new Act. This month-by-month filing calendar gives HR teams and CFOs a complete, verified workflow for Tax Year 2026-27 — covering TDS deposits, quarterly returns, year-end adjustments, and the Form 130 issuance process.
Use the Income Tax CalculatorModel the tax impact alongside this guide.
Open CalculatorNew Form Names Under Income Tax Act 2025 — Master Reference
| Old Form (Act 1961) | Purpose | New Form (Act 2025) |
|---|---|---|
| Form 12BB | Employee investment declaration to employer | Form 122 |
| Form 24Q | Quarterly salary TDS return | Form 138 |
| Form 16 (Part A + B) | Annual TDS certificate — salary | Form 130 (Part A + B + C) |
| Form 16A | TDS certificate — non-salary | Form 131 |
| Form 26AS | Tax credit statement (taxpayer) | Form 168 |
| Form 15G / 15H | Self-declaration for no TDS on interest | Form 121 (merged) |
| Form 26 (new concept) | Tax Audit Report (replacing Form 3CD for new Act) | Form 26 |
| Form 27EQ (TCS return) | Quarterly TCS return | Updated form under new Rules |
TDS Deposit Due Dates — Unchanged in New Act
The monthly TDS deposit deadlines remain the same under the new Act:
- April through February: 7th of the following month (e.g., April TDS → 7 May)
- March (salary/other): 30 April of the next year (extended deadline for March only)
- Government deductors: Same day as tax deduction
Complete Month-by-Month Filing Calendar — Tax Year 2026-27
📅 April 2026 — Year Start
- Collect employee regime declarations via Form 124 (new name for old Form 12BB) April 1–15
- Reset salary TDS computation under Section 392(1) for each employee based on new declarations April 1
- Update ERP/payroll software: Section 192 → 392(1), Form 24Q → Form 138, Form 16 → Form 130 codes Before April payroll
- Deposit FY 2025-26 Q4 TDS (January–March 2026) for March — deadline 30 April 2026 30 April
- Deposit April 2026 TDS (under Section 392/393 new Act) — deadline 7 May 2026 7 May
📅 May 2026 — Q4 Old Act Filing
- File Q4 FY 2025-26 TDS return — old Form 24Q Annexure II (old Act, old section numbers) 31 May
- Issue old Form 16 to employees for FY 2025-26 (based on Q4 Form 24Q filing) By 15 June
- Deposit May 2026 salary TDS under Section 392(1), new challan codes 7 June
📅 June 2026
- Issue old Form 16 (FY 2025-26 / AY 2026-27) to all employees 15 June — CRITICAL
- Penalty if missed: ₹100/day/employee — no cap
- Deposit June 2026 TDS 7 July
📅 July 2026 — Q1 New Act TDS Return
- File Q1 Form 138 (April–June 2026) — FIRST quarterly return under new Income Tax Rules 2026 31 July
- This is the first Form 138 filing — new form, new section references (Section 392(1)), new Act
- Employees file ITR for AY 2026-27 (FY 2025-26 income, old Act) 31 July (ITR-1/ITR-2)
- Deposit July 2026 TDS 7 August
📅 August 2026
- Employees filing ITR-3/ITR-4 non-audit (old Act) deadline 31 August
- Deposit August 2026 TDS 7 September
📅 October 2026 — Q2 New Act TDS Return
- File Q2 Form 138 (July–September 2026) 31 October
- ITR deadline for tax audit cases (AY 2026-27, old Act) 31 October
- Deposit October 2026 TDS 7 November
📅 November–December 2026 — Year-end Proof Collection
- Begin collecting actual investment proofs from employees (Section 123 / 80C and other deductions) November onwards
- Verify proofs submitted against declarations from Form 124 (April 2026) December
- Compute revised TDS for balance months based on actual proofs vs declared investments December
- AY 2026-27 belated ITR deadline (old Act) 31 December 2026
- AY 2026-27 revised ITR deadline (old Act) 31 March 2027
📅 January 2027 — Q3 New Act TDS Return
- File Q3 Form 138 (October–December 2026) 31 January
- Final deadline for employees to submit investment proofs to employer January 15–31
- Deposit January 2027 TDS 7 February
📅 February–March 2027 — Year-end TDS Adjustment
- Adjust TDS in February and March salary based on full-year income vs proofs submitted Feb–Mar payroll
- Employees with excess TDS: reduce deduction in last 2 months
- Employees with shortfall: collect additional TDS in March to avoid interest
- Deposit March 2027 TDS (extended deadline) 30 April 2027
📅 April–May 2027 — Q4 Form 138 and Form 130
- Deposit March TDS (annual deadline) 30 April 2027
- File Q4 Form 138 with Annexure II (annual salary computation per employee — basis for Form 130) 31 May 2027
- Download Form 130 Part A from TRACES after Q4 Form 138 is processed After 31 May
- Prepare Form 130 Part B and Part C (salary computation with new Act section references) May–June 2027
- Issue Form 130 to all employees — first year of new format 15 June 2027 — CRITICAL
Parallel Track — Old Act Wrap-up: While you're running Tax Year 2026-27 under the new Act, some old Act compliance continues in parallel: AY 2025-26 and earlier assessments, notices, and proceedings continue under old Act. AY 2026-27 revised returns (FY 2025-26) deadline is 31 December 2026 under old Act. Old Act TDS return (Form 24Q Q4) for FY 2025-26 was filed by 31 May 2026. Keep both tracks clear in your compliance calendar.
Penalty Reference — What Happens if You Miss Deadlines
| Compliance | Deadline | Late Penalty |
|---|---|---|
| Monthly TDS Deposit | 7th of next month (30 Apr for March) | Interest 1.5%/month under Section 402 (new Act) / 201(1A) (old Act) |
| Form 138 quarterly TDS return | 31 Jul / 31 Oct / 31 Jan / 31 May | ₹200/day until filed (Section 234E equivalent) |
| Form 130 issuance to employees | 15 June (each year) | ₹100/day/employee — no cap |
| Form 131 (non-salary TDS cert) | 15 days from Form 26/138 due date | ₹100/day/recipient — no cap |
| Wrong section code in challan | — | Challan mismatch on TRACES — TDS credit not reflected, demand notices |
Case Study: GlobalConsult LLP — Building the New Act Compliance Calendar
Operations Manager, 80-Employee Consulting Firm, Delhi — First Tax Year 2026-27 Cycle
GlobalConsult LLP's operations head, Deepak, built the firm's first Tax Year 2026-27 compliance calendar in March 2026. Key steps he took:
- Vendor update: Confirmed with payroll software vendor (Greytip) by 25 March 2026 that all TDS sections updated — Section 192 → 392(1), Form 24Q → Form 138 codes, Form 16 → Form 130 templates
- Bank challan codes: Contacted HDFC Bank to confirm new Section 393 payment codes for non-salary TDS were uploaded
- Employee communication: April 1 circular to all 80 employees explaining the new regime declaration process via Form 122 and that their April payslip will show "Section 392(1)" instead of "Section 192"
- Calendar pinned internally: Google Calendar with all deadlines — Form 138 Q1 on 31 July, Form 130 on 15 June 2027, monthly TDS by 7th each month
- Result: Q1 Form 138 filed successfully by 25 July 2026. Zero TRACES mismatches. First employer in their CA's practice to complete Form 138 transition without any revision.
Employer Filing Calendar — Key Points for Tax Year 2026-27
- Form 12BB → Form 124 (employee declaration); collect by April–May 2026
- Section 192 → Section 392(1) for salary TDS; update all software by 1 April 2026
- Form 24Q → Form 138; first Q1 filing due 31 July 2026
- TDS deposit dates unchanged: 7th of next month; March → 30 April
- Issue old Form 16 for FY 2025-26 by 15 June 2026 (urgent — do this now)
- Issue new Form 130 for Tax Year 2026-27 by 15 June 2027
- Year-end TDS adjustment: collect investment proofs Nov–Jan, adjust in Feb–Mar salary
- Penalty for late Form 130: ₹100/day/employee — no cap
- Penalty for late Form 138 return: ₹200/day — max capped at TDS amount
- Old Act proceedings (AY 2025-26 and earlier) continue in parallel — maintain dual compliance track
Related Calculators
Related Articles
Frequently Asked Questions
Key new form numbers under Income Tax Rules 2026: Form 24Q (quarterly salary TDS return) → Form 138. Form 16 (annual salary TDS certificate) → Form 130. Form 16A (non-salary TDS certificate) → Form 131. Form 12BB (employee investment declaration) → Form 124. Form 26AS (tax credit statement) → Form 168. Form 15G + Form 15H (merged) → Form 121. All these new forms apply from Tax Year 2026-27. For FY 2025-26 compliance (due mid-2026), old form names continue.
TDS deposit: 7th of following month for April–February; 30 April for March TDS. Form 138 quarterly TDS return due dates: Q1 (Apr–Jun 2026): 31 July 2026. Q2 (Jul–Sep 2026): 31 October 2026. Q3 (Oct–Dec 2026): 31 January 2027. Q4 (Jan–Mar 2027): 31 May 2027. Q4 Form 138 contains Annexure II (full-year salary computation per employee) — this generates the basis for Form 130 issuance by 15 June 2027.
Employers must issue Form 130 to employees by 15 June 2027 for Tax Year 2026-27. This is the first year Form 130 applies — it replaces Form 16 from this Tax Year onwards. Part A is downloaded from TRACES after Q4 Form 138 is filed (31 May 2027); Part B and new Part C are prepared by the employer. Penalty for late issuance: ₹100 per day per employee with no upper cap. For FY 2025-26, the deadline is 15 June 2026 for old Form 16.
More on Income Tax
Browse all Income Tax articles →
Related Articles
New Act Impact on Charitable Hospital and School Trusts
New Act Impact on Rental Income From Co-living Properties
New vs Old Regime Break-even for Parents Paying Insurance
New vs Old Regime for Business Owners Taking Salary from
New vs Old Regime for Couples Planning Joint Home Loans
Source and review trail
Use the current official instrument, portal or regulator publication before acting. This panel separates the category authority from page-specific references.
- Primary category
- Income Tax
- Official starting point
- www.incometax.gov.in
Page source links
The prior page did not embed a page-specific external source. The category authority above is the minimum verification starting point; a specific instrument should be added when available.
Primary sources & related provisions
Statutory provisions referenced in this guide:
- Form 138 (Quarterly salary and specified senior-citizen TDS…) - Income-tax Forms, 2026
- Form 130 (Certificate under section 395 for tax deducted; earlier Form 16) - Income-tax Forms, 2026
- Form 124 (Employee statement of claims for tax deduction) - Income-tax Forms, 2026
- Form 122 (Employee income details under section 392(4)(a)) - Income-tax Forms, 2026