Fiscal Year 2024–2025 Tax Compliance Calendar
The new financial year is here, and with it comes a fresh set of tax deadlines. Staying on top of these deadlines can be a challenge, but a well-organized tax compliance calendar can be your saving grace. This blog post will serve as your guide to the key tax filing and payment dates for FY 2024-25 in India.
This is a general guideline, and specific due dates may vary depending on the Income Tax Department and GST portal. Always refer to official sources or consult a tax professional for the most up-to-date information and deadlines applicable to your specific tax situation.
Assessment Year 2025-26
- April (Assessment Year 2025-26) (Estimated)
- April 1: New financial year begins.
- April 7th (expected): Income tax e-filing portal likely opens (start preparing ITR for FY 2024-25).
- April onwards: GST return filing deadlines throughout the year based on registration and turnover (GSTR-1, GSTR-3B, etc.).
- May (Assessment Year 2025-26) (Estimated)
- May 31: Due date for ITR filing for taxpayers whose accounts don't require audit (mostly salaried individuals).
- June (Assessment Year 2025-26) (Estimated)
- June 15: First installment of advance tax due if your tax liability exceeds Rs. 10,000.
- July (Assessment Year 2025-26) (Estimated)
- July 31: Due date for submitting tax audit report (if applicable).
- August (Assessment Year 2025-26) (Estimated)
- Potential due dates: TDS/TCS payments and quarterly return filings (Form 24Q, 26Q, 27EQ) depending on the previous quarter.
- September (Assessment Year 2025-26) (Estimated)
- September 15: Second installment of advance tax due.
- Potential due date: Deadline for tax audit for businesses assessed in September.
- October (Assessment Year 2025-26) (Estimated)
- Potential due dates: TDS/TCS payments and quarterly return filings (Form 24Q, 26Q, 27EQ) depending on the previous quarter.
- November(Assessment Year 2025-26) (Estimated)
- No major tax deadlines for most taxpayers.
- December (Assessment Year 2025-26) (Estimated)
- December 31: Interest applies to any unpaid tax liability or interest starting from this date.
- January (Assessment Year 2025-26) (Estimated))
- No major tax deadlines for most taxpayers.
- February (Assessment Year 2025-26) (Estimated)
- No major tax deadlines for most taxpayers.
- March (Assessment Year 2025-26) (Estimated)
- March 31: Last date to pay any outstanding advance tax liability for FY 2024-25.
- Potential due dates: GST return filing deadlines depending on the registration and turnover.
Crucial Things to Keep in Mind:
- The general deadlines for individual taxpayers are as follows. The exact dates of dues may change based on your tax profile. For specific advice, it's always preferable to speak with a tax adviser.
- While not all-inclusive, this calendar does highlight certain significant tax-related events. Depending on your particular tax status, additional tax-related filings or payments can be needed at different points during the year.
- For taxpayers, the Income Tax Department of India website (https://www.incometax.gov.in/iec/foportal/) is a useful tool. On their website, you can get the most recent details regarding tax rules, forms, and deadlines.
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