Tax Compliance Calendar for FY 2024-25

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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