Managing your money isn’t always easy, especially when it comes to taxes. Each year, there are important dates you need to remember and missing them can lead to missed chances or even extra charges.
By knowing these dates and planning ahead, you can skip the last-minute stress and get the most out of any tax benefits. This guide will take you through the key tax deadlines you need to know, so you’re ready and prepared.
Important dates for Income Tax Return (ITR) filing
Filing your ITR is essential for maintaining a good tax record and avoiding penalties. There are specific deadlines set for different types of taxpayers. This includes individuals, businesses and those requiring audits.
- Due Date: July 31
Individuals and Non-Audit Cases: This deadline applies to individuals, Hindu Undivided Families (HUFs) and taxpayers whose accounts do not require auditing.
- Due Date: October 31
Businesses Requiring Audit: Applicable to companies and entities whose accounts are subject to audit under the Income Tax Act.
- Due Date: November 30
Transfer Pricing Cases: For taxpayers involved in international or specified domestic transactions requiring a transfer pricing report.
- Due Date: December 31
Belated or Revised Returns: If the original return was not filed by the due date or needs revision, it can be filed by this date.
Important dates for Tax Deducted at Source (TDS) return filing
TDS return filing is a key responsibility for employers and businesses who deduct tax at source on payments like salaries, rent and professional fees. These deadlines are structured quarterly. They require timely submission to avoid late fees and interest charges.
Quarterly TDS Returns
April to June: Due by July 31
July to September: Due by October 31
October to December: Due by January 31
January to March: Due by May 31
Monthly TDS Payments
Due Date: 7th of the following month
Important dates for Advance Tax Payments
For those with significant non-salaried income or business profits, advance tax payments are required in instalments throughout the year. This system helps the government receive tax revenues in advance and reduces the burden on taxpayers at year-end.
Advance Tax Payment Deadlines
First Instalment Due Date: June 15
Pay 15% of the estimated tax liability.
Second Instalment Due Date: September 15
Pay a cumulative total of 45% of the estimated tax liability.
Third Instalment Due Date: December 15
Pay a cumulative total of 75% of the estimated tax liability.
Fourth Instalment Due Date: March 15
Description: Pay the remaining 100% of the estimated tax liability.
Benefits of knowing tax deadlines
Knowing these tax deadlines is important for a few simple reasons:
- Avoid extra charges: Missing deadlines can lead to fines and extra fees. Keeping track of dates helps you avoid these unnecessary costs.
- Plan your money better: When you know tax deadlines, you can plan your finances. In fact, you can set money aside early in your zero-balance savings account and avoid last-minute stress.
- Reduce mistakes: Rushing to file taxes often leads to mistakes. Knowing deadlines means you have more time to double-check everything.
- Stay on the right side of the law: Filing on time shows you’re following the rules and helps avoid extra checks from tax authorities.
- Get your refunds faster: If you’re due a refund, filing on time speeds up the process, so you get your money back sooner.
Summing up
Now that you know the important tax dates, you’re ready to handle your taxes without the last-minute rush. These are important to remember, so save them in your calendar and make tax planning a habit. This way, you can reduce stress, not pay for penalties and take advantage of any possibility linked to taxes. This is because when it comes to taxation, it’s good to make sure that you don’t let it bring any hiccups during the period but rather during the whole year.
