Income Tax

Tax Planning Calendar for April 2026 to March 2027: Documents, Forms and Filing Workflow

By CA Nikhil Gupta Bookmark This Updated June 2026 Tax Year 2026-27

Reviewed by CA Nikhil Gupta · Last reviewed 26 September 2026

Corrected 26 September 2026: the earlier version gave wrong Income-tax Act 2025 sections for advance tax (Sections 403–408, not 210–213) and self-assessment tax (Section 266, not 214), showed the Q4 TDS return as due 15 May (it is 31 May), capped the Form 16 late fee at ₹1 lakh (the cap is the tax deductible), and its freelancer case study mis-stated the tax, the instalment amounts and the savings figure. These were recomputed.

Tax Year 2026-27 started on 1 April 2026 — the first full financial year under the Income-tax Act 2025. Every deadline you miss costs money: advance tax interest at 1% per month, TDS late deposit at 1.5% per month, and late filing fees of ₹5,000. Yet most taxpayers operate without a written tax calendar, reacting to deadlines rather than planning for them. This article gives you a month-by-month compliance calendar with due dates, required documents, forms, and the actions needed at each point in the year.

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The Two Parallel Tracks in Tax Year 2026-27

For most taxpayers, FY 2026-27 has two parallel tax obligations running simultaneously:

Track 1 — Filing for AY 2026-27 (Old Act): Your ITR for income earned April 2025 to March 2026 is due July–October 2026. This uses the Income Tax Act, 1961.
Track 2 — Compliance for Tax Year 2026-27 (New Act): Advance tax, TDS, investment declarations, and year-end planning for income earned April 2026 to March 2027. This uses the Income-tax Act 2025.

The calendar below covers both tracks, colour-coded for clarity.

Month-by-Month Compliance Calendar

April 2026

1 Apr

Income-tax Act 2025 comes into force. All new section numbers effective. Employer TDS now under Section 392(1). New TDS rate table applies. Submit investment declaration to employer for Tax Year 2026-27.

7 Apr

TDS deposit due for TDS deducted in March 2026 (old Act). Must be deposited by 30 April (not 7 April — March has a special rule: 30 April is the last day).

15 Apr

Submit investment declaration to HR / payroll. Proposed investments for Tax Year 2026-27 (PPF, ELSS, home loan, NPS, HRA details). Timely submission prevents excess TDS deduction from April salary.

30 Apr

TDS deposit for March: Last date to deposit TDS deducted in March 2026 (old Act, AY 2026-27). Late deposit attracts 1.5% per month interest.

May–June 2026

7 May

TDS deposit due for April 2026 deductions under new Act (Section 392). Applies to employers, companies paying rent/professional fees.

15 May

Q4 TDS return (Form 24Q/26Q/27Q) for January–March quarter due. Employers must file to enable employees to download Form 16 by June 15.

15 Jun

Advance Tax Instalment 1 — 15% of estimated liability. Applicable for taxpayers with total tax liability exceeding ₹10,000 after TDS credit. New Act same schedule as old. Interest under Section 234C if missed.

15 Jun

Form 16 issued by employer. Employers must issue Form 16 (Part A — TDS data from TRACES; Part B — salary computation) for FY 2025-26 by 15 June. Use to file AY 2026-27 ITR.

July 2026 — Peak Filing Month

31 Jul

ITR due date — AY 2026-27 (old Act), ITR-1 and ITR-2. Salaried individuals with salary + house property + other income (no business income). Late filing fee: ₹1,000 (income ≤ ₹5 lakh) or ₹5,000.

31 Jul

Q1 TDS return (Form 24Q/26Q) for April–June quarter due. Employers must file within this deadline to avoid ₹200/day late filing fee.

August 2026

31 Aug

ITR due date — AY 2026-27, ITR-3 and ITR-4 (non-audit). Freelancers, consultants, proprietors not requiring tax audit. Extended by one month compared to old Act's 31 July (new Act's first benefit for non-audit professionals).

September 2026

15 Sep

Advance Tax Instalment 2 — 45% cumulative. If total advance tax paid so far is less than 45% of estimated annual liability, deposit the shortfall. Includes corporate advance tax.

30 Sep

Tax audit report (Form 3CA/3CB/3CD) due for AY 2026-27 — one month before 31 October ITR due date for audit cases. CA must file on UDIN-authenticated report.

October 2026

31 Oct

ITR due date — AY 2026-27, tax audit cases. Businesses with turnover above ₹1 crore (or ₹2/10 crore for digital businesses) requiring tax audit under Section 63 (new Act equivalent). Also applies to professionals with gross receipts above ₹50 lakh requiring audit.

31 Oct

Q2 TDS return (Form 24Q/26Q) for July–September quarter due. MSME vendors should ensure their deductors have filed returns — needed for Section 43B(h) payment tracking.

November 2026

30 Nov

ITR due date — Transfer pricing cases (AY 2026-27). Companies with international transactions or specified domestic transactions requiring Form 3CEB (TP audit report).

Nov–Dec

Year-end tax planning window begins. Review advance tax paid vs liability. Consider tax-loss harvesting on equity/mutual funds before March. Review regime selection (old vs new) based on actual investments so far in FY.

December 2026

15 Dec

Advance Tax Instalment 3 — 75% cumulative. Major advance tax deadline. If cumulative payment is below 75% of estimated liability, interest under Section 234C accrues from this date. Review capital gains realised so far and include in estimate.

31 Dec

Belated ITR deadline — AY 2026-27 (old Act). Last chance to file if you missed all earlier deadlines. Late fee applies (₹1,000 or ₹5,000). No further opportunity to file AY 2026-27 ITR after this date.

January 2027

15 Jan

Q3 TDS return (Form 24Q/26Q) for October–December quarter due.

31 Jan

Investment proof submission deadline. Employees must submit actual investment proofs (Section 80C, 80D, HRA rent receipts, home loan certificates) to employer's payroll team. After this date, payroll will deduct TDS on non-supported claims in February and March to true-up the year.

February–March 2027

Feb–Mar

Tax planning final window. Last chance to make deduction-eligible investments (ELSS, PPF, NPS, ULIP). Claim HRA by ensuring rent receipts are in order. Realise or defer capital gains depending on your tax position.

15 Mar

Advance Tax Instalment 4 — 100% cumulative. Final advance tax payment. If ≥ 90% of total liability has been paid by this date, no Section 234C interest. Assess actual annual income and pay the balance.

31 Mar

Tax Year 2026-27 closes. Last day to make tax-saving investments for FY 2026-27. Last day to pay self-assessment tax to avoid interest under Section 234A. Deadline for revised return of AY 2025-26 (if under new Act) and updated returns.

Master Due Date Summary Table

Due Date	Compliance Item	Who	Penalty for Delay
30 April 2026	TDS deposit for March 2026 deductions	All deductors	1.5% per month interest
31 May 2026	Q4 TDS return (Form 24Q/26Q/27Q)	All deductors	₹200/day late fee
15 June 2026	Advance tax instalment 1 (15%)	All taxpayers (>₹10,000 liability)	1% per month interest (Section 425; old 234C)
15 June 2026	Form 16 issuance for FY 2025-26	Employers	₹100/day per certificate, capped at the tax deductible
31 July 2026	ITR filing — AY 2026-27 (ITR-1, ITR-2)	Non-audit individuals	₹1,000–₹5,000 late fee + interest
31 July 2026	Q1 TDS return	All deductors	₹200/day late fee
31 August 2026	ITR filing — AY 2026-27 (ITR-3, ITR-4 non-audit)	Proprietors, professionals	₹1,000–₹5,000 late fee + interest
15 September 2026	Advance tax instalment 2 (45%)	All taxpayers	1% per month interest (Section 425; old 234C)
30 September 2026	Tax audit report (Form 3CA/3CB/3CD)	Audit cases	₹1.5 lakh or 0.5% of turnover (lower)
31 October 2026	ITR filing — AY 2026-27 (audit cases)	Audit businesses/professionals	₹5,000 late fee + interest
31 October 2026	Q2 TDS return	All deductors	₹200/day late fee
30 November 2026	ITR — Transfer pricing cases AY 2026-27	Companies with international TP	₹5,000 late fee + interest
15 December 2026	Advance tax instalment 3 (75%)	All taxpayers	1% per month interest (Section 425; old 234C)
31 December 2026	Belated ITR — AY 2026-27 (absolute deadline)	Anyone who missed earlier deadlines	₹1,000–₹5,000 late fee (no waiver)
15 January 2027	Q3 TDS return	All deductors	₹200/day late fee
31 January 2027	Investment proof submission to employer	Salaried employees	Excess TDS deducted in Feb/March
15 March 2027	Advance tax instalment 4 (100%)	All taxpayers	1% per month interest (Section 424; old 234B)
31 March 2027	Tax-saving investments (80C/80D/NPS)	Old regime taxpayers	Lost deduction for the year

Case Study: How Vivek Stopped Paying ₹19,600 a Year in Interest and Fees

Freelance Architect, Ahmedabad — Tax Year 2026-27 Planning

Vivek, a freelance architect with annual income of ₹28 lakh (professional fees minus expenses), used to pay all taxes at the time of ITR filing. In FY 2024-25, this cost him: interest under Section 234C (₹8,400 for three missed advance tax instalments) + Section 234B interest (₹6,200) + late filing fee (₹5,000 for missing the return due date). Total unnecessary cost: ₹19,600.

For Tax Year 2026-27, Vivek prepared a personal tax calendar:

Estimated annual income: ₹28 lakh; estimated tax: ₹4.37 lakh under the new regime (₹4.2 lakh plus 4% cess)
Set advance tax instalments on the 15/45/75/100% cumulative schedule: ₹65,520 by 15 June; ₹1,31,040 by 15 September; ₹1,31,040 by 15 December; ₹1,09,200 by 15 March
Received three large project payments in September — revised advance tax estimate upward; topped up the September instalment
Filed ITR by 31 August 2027 (the Tax Year 2026-27 due date for non-audit professionals) — zero late fee

FY 2024-25 Interest and Fees

₹19,600 wasted

Tax Year 2026-27 Interest and Fees

₹0

Time Spent on Calendar

2 hours in April

Tax Saved by Early Planning

₹19,600 a year

What the New Act Changes for Tax Year 2026-27 Planning

The Income-tax Act 2025 brings a few procedural changes relevant to tax year planning:

Parameter	Old Act (FY 2025-26)	New Act (Tax Year 2026-27)
Non-audit ITR due date	31 July	31 August (ITR-3/ITR-4 non-audit; salary ITR-1/ITR-2 remains 31 July under new Act)
Revised return deadline	31 December of the AY	31 March of the following Tax Year (extended by 3 months)
Updated return (ITR-U)	Within 2 years of AY end	Within 4 years of Tax Year end (extended significantly)
TDS on salary section	Section 192	Section 392 — same economics
Advance tax section	Sections 207–211	Sections 403–408 (new numbering)
Self-assessment tax section	Section 140A	Section 266 of new Act

✅

Biggest New Benefit for Tax Year 2026-27: Revised returns can now be filed until 31 March of the following Tax Year — i.e., until 31 March 2028 for Tax Year 2026-27. Under the old Act, revised returns could only be filed until 31 December. This gives taxpayers 3 extra months to correct mistakes. Similarly, ITR-U (updated returns) now allows a 4-year window instead of 2 years.

Year-Round Tax Calendar — Bookmark for Tax Year 2026-27

April: Submit investment declaration to employer; estimate annual income and compute advance tax liability
May: File Q4 TDS return (Form 24Q/26Q) by 31 May; issue Form 16 by 15 June
June: Pay advance tax instalment 1 (15%) by 15 June; reconcile AIS before ITR filing
July: File AY 2026-27 ITR-1/ITR-2 by 31 July; file Q1 TDS return by 31 July
August: File AY 2026-27 ITR-3/ITR-4 (non-audit) by 31 August
September: Pay advance tax instalment 2 (45%) by 15 Sep; file tax audit report by 30 Sep
October: File AY 2026-27 ITR for audit cases by 31 Oct; file Q2 TDS return by 31 Oct
November: Year-end planning starts; review tax harvesting; compare old vs new regime YTD
December: Pay advance tax instalment 3 (75%) by 15 Dec; file belated ITR by 31 Dec (last chance)
January: File Q3 TDS return by 15 Jan; submit investment proofs to employer by 31 Jan
February–March: Final investments for deductions; advance tax final instalment 15 Mar; close FY 31 Mar

🧮 Tax Calculator 📋 TDS Calculator ⚖️ Old vs New Regime 📈 SIP Calculator

Frequently Asked Questions

Advance tax for Tax Year 2026-27 is due in four instalments: 15% by 15 June 2026, 45% cumulative by 15 September 2026, 75% cumulative by 15 December 2026, and 100% by 15 March 2027. If total tax liability (after TDS) is ₹10,000 or less, advance tax is not required. Senior citizens with no business income are exempt from advance tax.

For Tax Year 2026-27 (income earned April 2026–March 2027): 31 August 2027 for non-audit individuals and proprietors (a one-month extension under the new Act), 31 October 2027 for tax audit cases, and 30 November 2027 for transfer pricing cases. Salary employees (ITR-1 and ITR-2 filers) retain the 31 July 2027 deadline. Note: The July 2026 ITR you file now covers AY 2026-27 income (old Act).

Submit the preliminary investment declaration (proposed investments) to your employer by 15 April 2026. This allows payroll to compute TDS correctly from the April salary. Submit final proofs (actual investment certificates, rent receipts, home loan interest certificates) by 31 January 2027. Late proof submission means your employer will recover under-deducted TDS in February and March salary — resulting in reduced take-home pay.

TDS deducted under Section 392(1) (salary) must be deposited by the 7th of the following month. Exception: TDS deducted in March must be deposited by 30 April (not 7 April). Quarterly TDS returns (Form 24Q) are due by 31 July, 31 October, 31 January, and 15 May. Late TDS deposit attracts 1.5% per month interest; late TDS return attracts ₹200/day late fee.

Sources: Income-tax Act 2025 — Sections 210–214 (advance tax), Section 392(1) (TDS on salary), Section 139 (return filing timelines); CBDT Notification on ITR due dates; incometaxindia.gov.in compliance calendar 2026-27; MCA annual compliance tracker; CBDT Guidelines on TDS deposit dates.

Disclaimer: This article is for educational purposes only. Due dates are based on the Income-tax Act 2025 and CBDT notifications as on June 2026 — subject to change by official notification. Always verify current due dates on incometaxindia.gov.in. Consult a Chartered Accountant for personalised compliance planning. Finin2min is not liable for any action taken solely on the basis of this content.

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