Filing your Income Tax Return (ITR) on time is crucial to avoid penalties, claim refunds, and stay compliant with the Income Tax Department. As we enter Financial Year 2026-27 (Assessment Year 2027-28), understanding the complete calendar of ITR deadlines, TDS return due dates, advance tax instalments, and other compliance timelines becomes essential for every taxpayer. Whether you're a salaried individual, business owner, freelancer, or tax professional, missing a deadline can cost you thousands in penalties and interest under Sections 234A, 234F, and other provisions of the Income Tax Act, 1961.
This comprehensive guide provides a month-by-month breakdown of all critical income tax deadlines for FY 2026-27, helping you plan your tax compliance throughout the year. From the July 31 ITR filing deadline to quarterly TDS returns and advance tax instalments, we cover every important date you need to mark on your calendar.
- The due date for ITR filing for AY 2027-28 is July 31, 2027 for non-audit cases and individuals; October 31, 2027 for tax audit cases
- Late filing attracts penalty of ₹5,000 to ₹10,000 under Section 234F plus interest of 1% per month under Section 234A
- Advance tax must be paid in 4 instalments by June 15, September 15, December 15, 2026, and March 15, 2027
- TDS returns are due quarterly: July 31, October 31, January 31, and May 31 with ₹200/day penalty for late filing
Understanding Financial Year 2026-27 and Assessment Year 2027-28
Before diving into deadlines, it's important to understand the terminology. Financial Year (FY) 2026-27 runs from April 1, 2026 to March 31, 2027—this is the period when you earn income. Assessment Year (AY) 2027-28 is April 1, 2027 to March 31, 2028—the year in which you assess and file returns for the previous financial year's income.
All income earned between April 1, 2026 and March 31, 2027 must be reported in your ITR filed during AY 2027-28. The Income Tax Act prescribes specific due dates under Section 139(1) for timely filing, with provisions for belated returns under Section 139(4) and revised returns under Section 139(5).
April 2026 – Start of Financial Year 2026-27
Key Activities and Deadlines
April 15, 2026: First instalment of advance tax for the previous financial year (if applicable) would have been due by June 15, 2026, but April marks the start of earning income for the new FY. This is the time to review your tax planning strategy, investment declarations with your employer, and estimated tax liability for FY 2026-27.
April 30, 2026: Deadline for employers to issue Form 16 Part A for Q4 (January-March 2026) of the previous financial year. This TDS certificate is crucial for filing your ITR for AY 2026-27.
April is ideal for gathering investment proofs, planning tax-saving investments under Section 80C (up to ₹1,50,000), Section 80D for health insurance, and other deductions. Use the Income Tax Calculator to estimate your tax liability under both old and new tax regimes for FY 2026-27.
May to July 2026 – Critical ITR Filing Period
May 31, 2026: TDS Return Deadline (Q4 FY 2025-26)
Employers and deductors must file Form 24Q (salary TDS), Form 26Q (non-salary TDS), and Form 27Q (TDS on payments to non-residents) for the fourth quarter (January-March 2026) of FY 2025-26. Late filing attracts penalty of ₹200 per day under Section 234E.
June 15, 2026: First Advance Tax Instalment
Taxpayers expecting tax liability above ₹10,000 for FY 2026-27 must pay the first instalment of advance tax—15% of estimated annual tax liability. This applies to business income, capital gains, rental income, and other sources where TDS is not deducted. Senior citizens above 60 years with no business income are exempt from advance tax requirements.
Failure to pay advance tax attracts interest under Section 234B (for shortfall in total advance tax) and Section 234C (for deferment of instalments).
July 31, 2026: TDS Return for Q1 FY 2026-27
The first quarterly TDS return for FY 2026-27 (covering April-June 2026) is due on July 31, 2026. All deductors must file Forms 24Q, 26Q, 27Q, and 27EQ (for TCS). The Form 26AS / TDS Fetch Tool helps you verify TDS credits reflected in your account.
July 31, 2027 – Primary ITR Filing Deadline for AY 2027-28
This is the most important deadline for the majority of taxpayers. July 31, 2027 is the due date under Section 139(1) for filing ITR for AY 2027-28 (income earned in FY 2026-27) for:
- Individual taxpayers (salaried, pensioners)
- Hindu Undivided Families (HUFs)
- Companies and firms not requiring tax audit
- Taxpayers with no audit requirements under Section 44AB
Documents Required for ITR Filing
Before July 31, ensure you have: Form 16 from employer, Form 26AS showing TDS credits, interest certificates from banks, capital gains statements from brokers, home loan interest certificate for Section 24(b), rent receipts for HRA exemption, investment proofs for Section 80C/80D/80G, and Aadhaar-PAN linkage completed.
If you have rental income or capital gains, use specialized calculators: the HRA Calculator for house rent allowance exemption, and the Capital Gain Calculator for computing taxable gains on property or mutual funds.
Consequences of Missing July 31 Deadline
Filing after July 31, 2027 but before December 31, 2027 results in: penalty of ₹5,000 under Section 234F (₹1,000 if income below ₹5 lakh), interest at 1% per month under Section 234A on unpaid tax, and loss of ability to carry forward certain losses like house property loss or capital losses. Your return becomes a belated return under Section 139(4).
September to December 2026 – Mid-Year Compliance
September 15, 2026: Second Advance Tax Instalment
Pay 45% of estimated annual tax liability cumulatively (including the 15% paid in June). This means 30% additional payment is due by September 15. Calculate your year-to-date income, TDS deducted, and remaining tax liability to determine the correct instalment amount.
October 31, 2026: TDS Return Q2 and Tax Audit Deadline (Previous AY)
Quarterly TDS return for July-September 2026 (Q2 FY 2026-27) is due. Additionally, this is an important date for the previous assessment year—October 31, 2026 is the deadline for filing ITR for AY 2026-27 for taxpayers requiring tax audit under Section 44AB. This includes businesses with turnover exceeding prescribed limits.
December 15, 2026: Third Advance Tax Instalment
Pay 75% of estimated annual tax liability cumulatively by December 15, 2026. This is 30% additional payment beyond what was paid in September. Review your actual income and tax liability for April-December and adjust the payment accordingly to avoid interest charges.
January to March 2027 – Year-End Compliance
January 31, 2027: TDS Return Q3 FY 2026-27
Third quarterly TDS return for October-December 2026 is due on January 31, 2027. Ensure timely filing to avoid ₹200 per day penalty under Section 234E.
March 15, 2027: Final Advance Tax Instalment
The fourth and final instalment covering 100% of estimated tax liability for FY 2026-27 is due by March 15, 2027. This is 25% additional payment beyond the 75% paid till December. Note that any remaining tax liability discovered after March 31, 2027 must be paid as self-assessment tax before filing ITR, not as advance tax.
March 31, 2027: End of Financial Year
This is the last day of FY 2026-27. Complete all tax-saving investments under Section 80C (PPF, ELSS, life insurance), Section 80D (health insurance premium payment), Section 80G (donations), and other eligible deductions before midnight. Investments made after March 31 will not qualify for FY 2026-27 deductions.
Extended Deadlines for Special Cases – AY 2027-28
October 31, 2027: Tax Audit Cases
Taxpayers whose accounts require audit under Section 44AB must file ITR by October 31, 2027. This includes businesses with gross receipts exceeding ₹1 crore (₹10 crore for certain eligible businesses under Section 44AD), professionals with gross receipts above ₹50 lakh, and entities claiming lower profits under presumptive taxation but actual profits are lower than presumed.
November 30, 2027: Transfer Pricing Cases
If your case involves international transactions requiring transfer pricing report under Section 92E, the ITR filing deadline extends to November 30, 2027. This applies to businesses with cross-border transactions exceeding prescribed thresholds.
December 31, 2027: Last Date for Belated and Revised Returns
This is the final deadline for filing belated returns under Section 139(4) if you missed the original July 31 deadline. The penalty increases to ₹10,000 (₹1,000 if income below ₹5 lakh) for returns filed after December 31, 2027 but before March 31, 2028.
December 31, 2027 is also the last date for filing revised returns under Section 139(5) if you filed the original return by the due date but discovered errors or omissions. You cannot revise a belated return.
Complete Month-Wise Deadline Calendar
| Month | Due Date | Compliance Requirement | Applicable To |
|---|---|---|---|
| June 2026 | June 15, 2026 | Advance Tax Instalment 1 (15%) | All taxpayers with liability ≥ ₹10,000 |
| July 2026 | July 31, 2026 | TDS Return Q1 (Apr-Jun 2026) | All deductors and collectors |
| September 2026 | Sep 15, 2026 | Advance Tax Instalment 2 (45%) | All taxpayers with liability ≥ ₹10,000 |
| October 2026 | Oct 31, 2026 | TDS Return Q2 (Jul-Sep 2026) | All deductors and collectors |
| December 2026 | Dec 15, 2026 | Advance Tax Instalment 3 (75%) | All taxpayers with liability ≥ ₹10,000 |
| January 2027 | Jan 31, 2027 | TDS Return Q3 (Oct-Dec 2026) | All deductors and collectors |
| March 2027 | Mar 15, 2027 | Advance Tax Instalment 4 (100%) | All taxpayers with liability ≥ ₹10,000 |
| May 2027 | May 31, 2027 | TDS Return Q4 (Jan-Mar 2027) | All deductors and collectors |
| July 2027 | July 31, 2027 | ITR Filing for AY 2027-28 | Individuals, HUFs, non-audit cases |
| October 2027 | Oct 31, 2027 | ITR Filing (Tax Audit) | Section 44AB audit cases |
| November 2027 | Nov 30, 2027 | ITR Filing (Transfer Pricing) | Section 92E cases |
| December 2027 | Dec 31, 2027 | Belated/Revised ITR | All taxpayers (last date) |
Practical Examples with Indian Rupee Amounts
Example 1: Salaried Employee
Rajesh, a software engineer, earns ₹12,00,000 annually in FY 2026-27 with TDS of ₹1,10,000 deducted by his employer. He also has rental income of ₹3,60,000 per year (₹30,000 monthly) and interest income of ₹45,000. His total income is ₹15,60,000 after standard deduction of ₹50,000 and Section 24(b) deduction of ₹1,95,000 on home loan interest.
Rajesh must pay advance tax on rental income (after adjusting TDS from salary). His estimated tax liability is approximately ₹2,65,000. After TDS of ₹1,10,000, remaining liability is ₹1,55,000. He must pay advance tax in four instalments: ₹23,250 by June 15, ₹46,500 more by September 15, ₹46,500 more by December 15, and ₹38,750 by March 15, 2027. He must file ITR by July 31, 2027.
Example 2: Freelancer with Business Income
Priya runs a freelance graphic design business with gross receipts of ₹18,00,000 in FY 2026-27. Her expenses are ₹6,50,000, giving net profit of ₹11,50,000. She invests ₹1,50,000 in ELSS and PPF under Section 80C and pays ₹25,000 health insurance premium under Section 80D.
Her taxable income after deductions is approximately ₹9,75,000. Tax liability is around ₹1,05,000 under the new tax regime. Since her gross receipts don't exceed the audit threshold and she opts for normal taxation (not presumptive), she must pay advance tax quarterly and file ITR by July 31, 2027. The Bank Statement Analyser can help verify all business transactions for accurate reporting.
Tips to Avoid Penalties and Stay Compliant
Set calendar reminders for all advance tax and TDS return deadlines at least one week in advance. Maintain organized records throughout the year—don't wait until July to collect documents. Link your Aadhaar with PAN as it's mandatory for ITR filing. Verify Form 26AS and Annual Information Statement (AIS) regularly to ensure all TDS credits and income information is correctly reflected.
Choose the right ITR form: ITR-1 for salary and one house property income up to ₹50 lakh, ITR-2 for capital gains and multiple properties, ITR-3 for business income, and ITR-4 for presumptive taxation. Claim all eligible deductions and exemptions but maintain supporting documents. For equity investments, use the Stock Profit Calculator to accurately compute taxable gains.
If you're unsure about tax calculations, consult a chartered accountant or tax professional, especially for complex cases involving capital gains, foreign income, or business income. The cost of professional help is often less than the penalties and interest for errors or late filing.
Frequently Asked Questions
What is the last date to file ITR for AY 2027-28?
The last date to file ITR for Assessment Year 2027-28 (Financial Year 2026-27) is July 31, 2027 for individuals, HUFs, and non-audit cases under Section 139(1). For taxpayers requiring tax audit under Section 44AB, the due date is October 31, 2027. For transfer pricing cases under Section 92E, the deadline extends to November 30, 2027. Filing after these dates attracts penalties under Section 234A and Section 234F.
What is the penalty for late ITR filing in AY 2027-28?
Late ITR filing attracts penalty under Section 234F: ₹5,000 if filed after due date but before December 31, 2027, and ₹10,000 if filed after December 31, 2027. For taxpayers with total income below ₹5 lakh, maximum penalty is ₹1,000. Additionally, interest under Section 234A applies at 1% per month on unpaid tax. Late filing also means you cannot carry forward certain losses like capital losses or business losses.
When are advance tax instalments due for FY 2026-27?
Advance tax for FY 2026-27 must be paid in four instalments: 15% by June 15, 2026; 45% by September 15, 2026; 75% by December 15, 2026; and 100% by March 15, 2027. This applies to taxpayers whose estimated tax liability exceeds ₹10,000 after TDS. Senior citizens above 60 years with no business income are exempt from advance tax. Interest under Section 234B and 234C applies for short payment or deferment of advance tax instalments.
What are the TDS return filing due dates for FY 2026-27?
TDS returns (Form 24Q, 26Q, 27Q) are filed quarterly: Q1 (April-June) by July 31, 2026; Q2 (July-September) by October 31, 2026; Q3 (October-December) by January 31, 2027; and Q4 (January-March) by May 31, 2027. Form 27EQ for TCS is due on the same dates. Late filing attracts penalty of ₹200 per day under Section 234E. TDS certificates (Form 16/16A) must be issued within 15 days of quarterly return filing.
Can I revise my ITR after filing for AY 2027-28?
Yes, you can revise your ITR for AY 2027-28 under Section 139(5) until December 31, 2027, or before completion of assessment, whichever is earlier. Revised returns allow you to correct errors, claim missing deductions, or update income details. However, you can only revise if you filed the original return within the due date. Belated returns filed under Section 139(4) cannot be revised, but you can file an updated return under Section 139(8A) within 24 months with additional tax.
Conclusion
Staying on top of ITR filing deadlines for AY 2027-28 is essential for financial compliance and peace of mind. Mark July 31, 2027 as the primary ITR filing deadline, plan your advance tax payments across four instalments, and ensure timely TDS return filing if you're an employer or deductor. Missing deadlines can cost you thousands in penalties under Sections 234A, 234F, and loss of valuable tax benefits. Use this comprehensive month-wise calendar to stay organized throughout FY 2026-27. For accurate tax calculations, TDS verification, and hassle-free ITR filing, explore TaxFetch Tools—India's most trusted income tax automation platform. File smart, file on time, and maximize your tax savings with TaxFetch!