The month of July is crucial for income tax payers as several tax compliance deadlines fall this month. If you’re employed, in business, or regularly file tax returns, it’s important to keep an eye on some important dates this month. From filing your Income Tax Return (ITR) to submitting TDS and other important forms, many deadlines end this month. Failing to complete the task before the deadline could result in penalties and interest. Let’s have a look at the tasks you must complete in July.
July 31: Last date for filing ITR
One of the important deadlines for most individual taxpayers is July 31, 2026. Those filing ITR-1 and ITR-2 for the financial year 2025-26 must file their returns by this date. Failure to do this may result in late fees. In some cases, the carryforward benefit of losses to subsequent years will also be denied.
July 31: TDS and TCS returns
This date is also important for companies and organisations that deduct TDS or collect TCS from employees’ salaries. TDS and TCS returns for the April to June quarter must be filed by July 31, 2026. This is also the deadline for filing TDS returns for certain payments made to non-residents.
July 30: Submit necessary TDS form
Individuals or entities that deducted tax on certain types of payments in June must submit the corresponding challan-cum-statement by July 30. This is a mandatory compliance process that must be completed on time.
July 15: Reporting deadline for many institutions
Many financial institutions, stock exchanges, authorised dealers, and other entities must submit required reports and information on July 15. This deadline is more important for institutional entities than for ordinary taxpayers.
July 7: Last date for depositing TDS
The first major deadline for July is July 7th. Those who are allowed to deposit TDS on a quarterly basis must deposit TDS for the April-June quarter by this date. Certain related declarations and documents must also be uploaded by this date.
July 31 is the deadline for these forms as well
Certain special tax forms must also be submitted by July 31st. For example, Form 10E is for those who wish to claim tax relief on arrears or advance salary. Form 10BA is for renters who wish to claim deductions under Section 80GG. Form 10H is useful for authors and patent holders receiving income from abroad. Furthermore, Forms 10CCE and 10CCD are required to claim royalty deductions.
What if you miss the deadline?
If you don’t file your ITR by July 31, 2026, you will have to pay a late fee. A late fee of Rs 5,000 for income exceeding Rs 5 lakh and Rs 1,000 for income less than Rs 5 lakh will apply. Additionally, interest at 1 per cent per month will be charged on the outstanding tax under Section 234A.
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