Income Tax Alert: Key ITR, TDS and compliance deadlines in July you shouldn’t miss

By Samira Vishwas On Jul 1, 2026

New Delhi: July is a crucial month for taxpayers, with several important income tax compliance deadlines falling throughout the month. From depositing Tax Deducted at Source (TDS) to filing Income Tax Returns (ITRs), individuals, businesses and institutions are required to complete multiple tax-related formalities to avoid penalties and interest.

July 7: TDS Deposit Deadline

The first major compliance date is July 7, which is the deadline for depositing TDS deducted during the April-June quarter for eligible taxpayers. Relevant declarations and prescribed documents must also be submitted by this date.

July 15: Reporting by Financial Institutions

Banks, stock exchanges, authorized dealers and other specified institutions are required to submit prescribed reports and information by July 15. This deadline mainly applies to institutional entities.

July 30: Challan-cum-Statement Filing

Taxpayers who deducted tax on specified payments during June must submit the applicable challan-cum-statement by July 30. Timely filing is mandatory under income tax rules.

July 31: ITR Filing and TDS/TCS Returns

For most individual taxpayers, July 31 is the last date to file ITR-1 and ITR-2 for the financial year 2025-26. Missing the deadline may result in late filing fees, interest on unpaid tax and, in certain cases, the loss of the benefit of carrying forward eligible losses.

The same date also marks the deadline for filing TDS and TCS returns for the April-June quarter, including returns relating to certain payments made to non-residents.

Special Tax Forms Also Due

Several prescribed forms, including Form 10E, Form 10BA, Form 10H, Form 10CCE and Form 10CCD, must also be submitted by July 31, wherever applicable.

Penalty for Missing the Deadline

Taxpayers who fail to file their returns by the due date may have to pay a late fee of ₹5,000 if their total income exceeds ₹5 lakh, or ₹1,000 if it is below that threshold. Interest at 1 per cent per month may also be levied on outstanding tax under Section 234A of the Income Tax Act.