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Income Tax Compliance Calendar for Individuals in India: Key Due Dates FY 2026-27
Every due date in the Indian income tax calendar carries a penalty or interest charge if you miss it. Here are the key dates for Financial Year 2026-27, what each one means, and the cost of missing it.
Income tax compliance calendar FY 2026-27
| Due date | What to do | Who must do | Consequence of missing |
|---|---|---|---|
| 15 June 2026 | First advance tax instalment (15% of total tax liability) | Freelancers, businesses, anyone with tax liability over ₹10,000 after TDS | Interest at 1% per month on shortfall under Section 234C |
| 15 September 2026 | Second advance tax instalment (cumulative 45%) | Same as above | Interest at 1% per month on cumulative shortfall under Section 234C |
| 15 December 2026 | Third advance tax instalment (cumulative 75%) | Same as above | Interest at 1% per month on cumulative shortfall under Section 234C |
| 15 March 2027 | Fourth advance tax instalment (100% balance) | Same as above | Interest at 1% per month on final shortfall under Section 234C |
| 31 July 2027 | File ITR for individuals (non-audit) | Salaried employees, freelancers not requiring audit | Late filing fee: ₹1,000 (up to ₹5 lakh tax liability) or ₹5,000 (above ₹5 lakh) under Section 234F |
| 31 October 2027 | File ITR with audit report | Businesses with turnover over ₹1 crore or where tax audit applies | ₹1,000 late fee + possible disallowance of expenses |
| 30 November 2027 | File ITR for taxpayers with international transactions (transfer pricing) | Those with international related-party transactions | ₹1,000 late fee + transfer pricing adjustments |
| 31 December 2026 | Issue Form 16 to employees | Employers | Penalty under Income Tax Rules 1962 |
| Quarterly | File TDS return (Form 26Q for non-salary payments) | All TDS deductors | Interest at 1.5% per month on TDS Shortfall |
| 31 May 2027 | Form 16A issued by deductors for non-salary TDS | Banks, clients deducting TDS on interest, contractor payments | Penalty for non-issue |
Advance tax: the four-installment rule
If your total tax liability after all TDS exceeds ₹10,000 in a year, you must pay advance tax in four quarterly instalments under Section 207 of the Income Tax Act 2025.
How the math works:
- Estimate your total annual tax liability (use the Income Tax Calculator)
- Subtract all expected TDS for the year
- If the result is over ₹10,000, advance tax applies
Example — Priya, freelance graphic designer:
- Estimated annual tax: ₹1,20,000
- TDS by clients: ₹40,000
- Balance to pay: ₹80,000
- Since ₹80,000 > ₹10,000, advance tax is mandatory
Priya must pay:
- By 15 June 2026: 15% of ₹80,000 = ₹12,000
- By 15 September 2026: 30% of ₹80,000 = ₹24,000
- By 15 December 2026: 45% of ₹80,000 = ₹36,000
- By 15 March 2027: 100% of ₹80,000 = ₹80,000 (balance)
If Priya pays nothing by June, the June instalment triggers a 234C shortfall interest of 1% per month from June until the shortfall is paid.
Who does NOT need to pay advance tax:
- Salaried employees where TDS covers most or all of their tax
- Resident senior citizens (age 60+) with no business income
- Those whose tax after TDS is ₹10,000 or less
ITR filing due dates
The due date for filing your Income Tax Return depends on your category:
31 July 2027 — most individuals This is the standard due date. If you file after this, the late filing fee under Section 234F applies:
- Tax liability up to ₹5 lakh: ₹1,000
- Tax liability above ₹5 lakh: ₹5,000
Even if you have no tax to pay (a refund situation), filing late means you lose the right to carry forward certain losses.
31 October 2027 — businesses requiring tax audit If your turnover exceeds ₹1 crore (or you are subject to a tax audit under Section 44AB), your due date is extended to 31 October.
30 November 2027 — transfer pricing If you have international transactions with related parties, the due date is 30 November.
What happens if you miss a due date
| Missed deadline | consequence |
|---|---|
| Advance tax instalment | 1% per month interest on shortfall under Section 234C |
| ITR filing (31 July) | Late filing fee up to ₹5,000 under Section 234F; loss of carry-forward of losses |
| ITR filing (late but before 31 December 2027) | Fee applies; some losses still not carry-forwardable |
| ITR filing (after 31 December 2027) | Cannot file; only a revised return for prior years possible |
Pro tips
Estimate tax in April, not March. The best time to calculate whether you owe advance tax is April or May — before the first instalment is due. Use the Income Tax Calculator to run your numbers.
Give your employer correct deductions early. Provide Form 12BB to your employer in April with your expected deductions. This reduces unnecessary TDS and avoids a large refund or payment at filing time.
Track TDS in Form 26AS. Check your Form 26AS (now part of AIS on the income tax portal) every quarter. Missing TDS credits are easier to correct before you file your ITR.
Set calendar reminders two weeks before each advance tax date. The March 15 deadline is the most commonly missed — and the most costly because 234C interest runs for the full year.
Frequently asked questions
Can I pay advance tax in one lump sum instead of four instalments? Yes. Paying the full amount by 15 March 2027 avoids Section 234C interest entirely. The instalment schedule is a floor, not a ceiling — you can pay more earlier.
I am a salaried employee. Do I need to worry about advance tax? Probably not. If TDS deducted by your employer covers most of your tax liability, your balance after TDS is likely below the ₹10,000 threshold. Check your Form 16 each year to confirm.
What if I file my ITR on 1 August instead of 31 July? You will be charged a late filing fee of ₹1,000 (if your tax liability is under ₹5 lakh). The fee is automatic — it is charged when the return is processed, even if you had a refund coming.
My client deducted TDS but I cannot find it in Form 26AS. What do I do? Contact your client to verify they deposited the TDS and issued the Form 16/16A. If they deposited it but it is not showing, it may take 4–6 weeks to appear in AIS. If the client did not deposit it, you can claim credit based on their TDS certificate (Form 16A) when you file your ITR.
Sources
- Income Tax Act 2025, Section 207 — advance tax liability (verified 8 October 2026).
- Income Tax Act 2025, Section 234C — interest for deferment of advance tax (verified 8 October 2026).
- Income Tax Act 2025, Section 234F — late filing fee (verified 8 October 2026).
- Income Tax Act 2025, Section 139 — return of income (verified 8 October 2026).
- Income-tax Rules 2026, G.S.R. 198(E), notified 20 March 2026 (verified 8 October 2026).
Related reading
- Advance Tax in India: Who Must Pay and How to Calculate It — advance tax instalment schedule and 234C worked examples
- TDS on Salary in India: How Section 192 Works — how your employer deducts TDS and issues Form 16
- New Income Tax Regime Slabs FY 2026-27: Complete Breakdown — slab rates to estimate your annual tax liability
- Income Tax Calculator — estimate your advance tax liability — enter your income to see if advance tax applies