Attention Have the rules changed regarding income tax? Know these important dates before filing ITR, otherwise you will have to pay heavy fine.

As soon as the new financial year starts, it is not only necessary for the common man to calculate the income and expenditure, but solving the tax problems also becomes a big responsibility. If you want that you do not have to worry about taxes throughout the year or do not have to bear the burden of penalty on your pocket, then note down these important dates of the tax calendar now. The entire tax process runs on a fixed timeline, which is very important for every taxpayer to understand.

Tax game starts from April

The pace of tax related work increases from the beginning of the year i.e. from the month of April. During this period, the deadline for issuing TDS certificates related to specific transactions of the previous financial year remains till the middle of the month. Along with this, it is mandatory to deposit TDS and TCS for the month of March in the government treasury and fill the related forms by the end of the month. If these initial tasks are done on time, the path ahead becomes much easier.

May and June: Turn of TDS and advance tax

After April, tax work does not stop even in May. This month, along with depositing the previous month’s TDS, one has to fulfill the responsibility of issuing the certificate. At the same time, the month of June can be a little more stressful, because in this, not only the tax of May has to be deposited, but also the first installment of ‘advance tax’ has to be paid. Some important statements and reports also have to be filed in June itself, which shows your transparency.

July: The month of ‘Agnipariksha’ for employed people

The month of July is the biggest for middle class and employed people. The deadline for filing Income Tax Return (ITR) comes at the end of this month. If your account does not come under audit, you should file your return by July 31. If there is any tax outstanding, it is important to pay it within this time limit, otherwise the interest meter may get started.

Complete cycle of advance tax and audit

The next installments of advance tax have to be paid in the second part of the year i.e. from September to March. It is necessary to clear a part of the total tax by September, then by December and finally the entire tax by March. This system is especially designed for business people and high earners. At the same time, for those whose accounts are required to be audited or who have international transactions, the ITR filing deadline remains a little further (October-November).

Last chance to avoid penalty

If for some reason you miss the July deadline, you still get a chance to file a ‘billed’ or ‘revised’ return till the end of the year, although you may have to pay late fees. Apart from this, the last chance to make investments to save tax (like 80C etc.) remains till 31st March. If you follow this tax system month after month, you will not only avoid penalties but your financial planning will also be superhit. Just a little attention and action at the right time can keep you tension free throughout the year.