July 2026 Deadlines: There are 4 important tax deadlines in July. Be sure to keep track of ITR filing, TDS-TCS returns and necessary forms. Know how to avoid penalty…
July Tax Deadlines 2026: The month of July is starting from Wednesday and this month can be very heavy for your bank account. If you show even the slightest negligence, you may have to pay a fine of up to ₹ 5,000 directly to the government. Whether you are salaried, run a small or big business or pay salary to someone, the next 31 days are ‘tax days’ for you. If you want to avoid last minute rush and loss of extra money, then mark these 4 dates in your phone’s calendar today itself.
July 7: TDS deposit day
If you have a business and you deduct TDS while making payment to someone, then TDS from April to June has to be deposited with the government by this date. This applies only to those who have permission for quarterly payment. If you do not deposit on time, you may have to face interest and other problems.
July 15: Deadline for reporting
This debt is especially for government offices, stock exchanges, banks and those companies which work with investors living abroad. If you are a common man and only work, then this date does not directly apply to you, but if any of your business falls in this category then pay attention.
July 30: TDS calculation for June
Those who deducted money (TDS) from someone in the month of June, they have to send their challan-statement to the government by this day. This is a kind of proof that the money was deducted and deposited correctly.
July 31: Deadline for filing ITR
If you file return in ITR-1 or ITR-2 form (ie you are salaried or your income comes from limited sources), then the return for FY26 is required to be filed by this date. If you are late, you will have to file a belated return, which costs extra money — and this is where you can lose up to ₹5,000.
July 31: Last date for TDS and TCS returns also
Companies or people who deducted tax on salary or while making payments to people living abroad, also have to file the complete return for the June quarter by this day.
31st July: These forms will also have to be submitted by this day
July 31 is not just the ITR deadline. Forms required to avail certain tax exemptions and relief will also have to be submitted by this date, which include Form 10BA, Form 10E and some other prescribed forms. If you want to avail tax relief on rent, arrears of salary or certain income, it is important to submit these forms on time.
What happens if ITR date is missed?
You can file belated return, i.e. late filed return, till 31st December. Even after this, if there is still delay, there is an option to file an updated return (ITR-U) within 24 months, just a little extra charge will be charged but late filing means that you will have to pay penalty, interest, and the biggest thing – your right to adjust some of your old losses from future income may also be lost.
How much will the penalty be?
- Those whose total income is more than ₹ 5 lakh, if they file returns after 31 July but before 31 December 2026, a penalty of ₹ 5,000 will be imposed.
- Those whose total income is up to ₹5 lakh will have to pay a penalty of only ₹1,000.
Disclaimer: The information provided in this article is for general purposes and should not be construed as tax or legal advice. Tax rules and deadlines may change from time to time, so for latest and accurate information, visit the official website of the Income Tax Department or consult a qualified CA/tax expert. Do your research before taking any decision.